https://www.taxtmi.com/caselaws?id=176459 Amendment of Section 235(1) of the Companies Act, 1913 replaced the earlier limitation regime for misfeasance applications in winding up with a procedural framework that applied to later proceedings. The Court treated the provision as procedural, so no vested substantive right survived to rely on the former limitation defence merely because the alleged misfeasance occurred earlier. The amended section therefore permitted Official Liquidators to pursue compensation claims notwithstanding that a suit on the same acts would have been time-barred under the prior law, subject to compliance with the express limitation in the amended provision and the Court's discretion to consider delay where appropriate. en-us Wed, 07 Nov 1945 00:00:00 +0530 Wed, 23 Dec 2015 14:15:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176459 Amendment of Section 235(1) of the Companies Act, 1913 replaced the earlier limitation regime for misfeasance applications in winding up with a procedural framework that applied to later proceedings. The Court treated the provision as procedural, so no vested substantive right survived to rely on the former limitation defence merely because the alleged misfeasance occurred earlier. The amended section therefore permitted Official Liquidators to pursue compensation claims notwithstanding that a suit on the same acts would have been time-barred under the prior law, subject to compliance with the express limitation in the amended provision and the Court's discretion to consider delay where appropriate. Case-Laws Companies Law Wed, 07 Nov 1945 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176459