https://www.taxtmi.com/caselaws?id=282521 Liability of directors under Section 235 requires proof of misapplication, retention, accountability, misfeasance or breach of trust, and where misfeasance is alleged, proof that the conduct caused pecuniary loss to the company; mere omissions or valuation errors do not establish liability absent gross or culpable negligence. Applying these principles, the court found no proof that stores were misapplied, removed or retained by the ex-directors, and accepted that payments were accounted for; the petition was within the statutory limitation calculated from the liquidator's appointment and was not mala fide. Result: no sums recoverable from the ex-directors. en-us Fri, 22 Sep 1961 00:00:00 +0530 Mon, 12 Aug 2019 11:14:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282521 Liability of directors under Section 235 requires proof of misapplication, retention, accountability, misfeasance or breach of trust, and where misfeasance is alleged, proof that the conduct caused pecuniary loss to the company; mere omissions or valuation errors do not establish liability absent gross or culpable negligence. Applying these principles, the court found no proof that stores were misapplied, removed or retained by the ex-directors, and accepted that payments were accounted for; the petition was within the statutory limitation calculated from the liquidator's appointment and was not mala fide. Result: no sums recoverable from the ex-directors. Case-Laws Companies Law Fri, 22 Sep 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282521