https://www.taxtmi.com/caselaws?id=336045 An application under section 543 of the Companies Act, 1956 was held to be within limitation because it was filed within five years of the winding-up order and section 458A excluded an additional year from computation. Liability against the ex-directors was not established for alleged non-recovery of debts, advances, security deposits and inventories, as the evidence showed loss of control over records and assets, no recoverable wrongful conduct, and no personal benefit. Allegations based mainly on a Chartered Accountant's report were found too general, because section 543 requires specific, individualised proof of misfeasance or breach of trust. en-us Thu, 01 Dec 2016 00:00:00 +0530 Thu, 15 Dec 2016 15:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=336045 An application under section 543 of the Companies Act, 1956 was held to be within limitation because it was filed within five years of the winding-up order and section 458A excluded an additional year from computation. Liability against the ex-directors was not established for alleged non-recovery of debts, advances, security deposits and inventories, as the evidence showed loss of control over records and assets, no recoverable wrongful conduct, and no personal benefit. Allegations based mainly on a Chartered Accountant's report were found too general, because section 543 requires specific, individualised proof of misfeasance or breach of trust. Case-Laws Companies Law Thu, 01 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=336045