https://www.taxtmi.com/caselaws?id=330169 Section 454 of the Companies Act, 1956 required directors of a company in liquidation to file the statement of affairs within twenty-one days of the winding up order. The ex-directors, being promoter directors and responsible for the company's affairs up to that date, failed to show a reasonable excuse for default. Their explanation that records were with RIICO and that there was a dispute with the Chartered Accountant was found contradictory and unsupported, and the belated filings in 2015 and 2016 did not amount to legal compliance. The respondents were held guilty of contravention and sentenced to a fine with default imprisonment. en-us Fri, 19 Feb 2016 00:00:00 +0530 Tue, 19 Jul 2016 13:09:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330169 Section 454 of the Companies Act, 1956 required directors of a company in liquidation to file the statement of affairs within twenty-one days of the winding up order. The ex-directors, being promoter directors and responsible for the company's affairs up to that date, failed to show a reasonable excuse for default. Their explanation that records were with RIICO and that there was a dispute with the Chartered Accountant was found contradictory and unsupported, and the belated filings in 2015 and 2016 did not amount to legal compliance. The respondents were held guilty of contravention and sentenced to a fine with default imprisonment. Case-Laws Companies Law Fri, 19 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330169