https://www.taxtmi.com/caselaws?id=249187 Misapplication of rights-issue proceeds into a partnership firm was held contrary to the stated objects where claimants failed to show discharge of liabilities or improvement of net worth; the investment produced inadequate returns and lacked documentary justification of corporate benefit, so the directors who authorised the diversion were required to restore the funds and the company must keep such proceeds intact unless applied only to the rights-offer purposes. en-us Thu, 06 Feb 2014 00:00:00 +0530 Mon, 07 Jul 2014 18:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249187 Misapplication of rights-issue proceeds into a partnership firm was held contrary to the stated objects where claimants failed to show discharge of liabilities or improvement of net worth; the investment produced inadequate returns and lacked documentary justification of corporate benefit, so the directors who authorised the diversion were required to restore the funds and the company must keep such proceeds intact unless applied only to the rights-offer purposes. Case-Laws Companies Law Thu, 06 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249187