https://www.taxtmi.com/acts?id=25363 Directors of a private company are jointly and severally liable for tax, interest or penalty unrecoverable from the company during periods they served, unless they prove non-recovery is not due to any gross neglect, misfeasance or breach of duty. If the company converts to a public company and unrecovered liabilities from the private period remain, that joint and several liability does not apply to former private-company directors for those unrecovered amounts, though personal penalties on directors remain unaffected. en-us Mon, 12 Jun 2017 10:27:14 +0530 Wed, 28 Jun 2017 17:01:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=25363 Directors of a private company are jointly and severally liable for tax, interest or penalty unrecoverable from the company during periods they served, unless they prove non-recovery is not due to any gross neglect, misfeasance or breach of duty. If the company converts to a public company and unrecovered liabilities from the private period remain, that joint and several liability does not apply to former private-company directors for those unrecovered amounts, though personal penalties on directors remain unaffected. Act-Rules GST - States Mon, 12 Jun 2017 10:27:14 +0530 https://www.taxtmi.com/acts?id=25363