https://www.taxtmi.com/caselaws?id=171848 A winding-up misfeasance application was held to be governed by the limitation law in force when instituted, and it was not barred merely because an ordinary suit on the same substantive right might have been time-barred. The court accepted that the longer period and latest starting point under the relevant company-law provisions controlled, and found the application timely. On merits, falsified accounts, fictitious profit entries, and payment of tax and dividends out of capital constituted misapplication of company funds. Directors and officers were held liable where they failed to maintain proper supervision, could not show an honest basis for reliance on others, and were connected by the evidence to the wrongful payments. en-us Fri, 02 Apr 1965 00:00:00 +0530 Thu, 06 Aug 2015 11:01:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=171848 A winding-up misfeasance application was held to be governed by the limitation law in force when instituted, and it was not barred merely because an ordinary suit on the same substantive right might have been time-barred. The court accepted that the longer period and latest starting point under the relevant company-law provisions controlled, and found the application timely. On merits, falsified accounts, fictitious profit entries, and payment of tax and dividends out of capital constituted misapplication of company funds. Directors and officers were held liable where they failed to maintain proper supervision, could not show an honest basis for reliance on others, and were connected by the evidence to the wrongful payments. Case-Laws Companies Law Fri, 02 Apr 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=171848