https://www.taxtmi.com/caselaws?id=397669 The Tribunal found Parvesh and MTS Company jointly and severally liable for compensating Brijesh due to mismanagement and financial irregularities in TL Company. Unauthorized use of TL Company's trucks by MTS Company was established, leading to a conclusion of financial misappropriation and non-payment of EMIs. The Tribunal had jurisdiction to impose damages on MTS Company. The compensation initially awarded to Brijesh was reduced to Rs. 7.25 lakhs on appeal, emphasizing the importance of financial accountability in company operations. The direction for action against Parvesh under Section 188 of the Companies Act, 2013, was quashed. en-us Tue, 21 Jul 2020 00:00:00 +0530 Sat, 31 Oct 2020 16:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397669 The Tribunal found Parvesh and MTS Company jointly and severally liable for compensating Brijesh due to mismanagement and financial irregularities in TL Company. Unauthorized use of TL Company's trucks by MTS Company was established, leading to a conclusion of financial misappropriation and non-payment of EMIs. The Tribunal had jurisdiction to impose damages on MTS Company. The compensation initially awarded to Brijesh was reduced to Rs. 7.25 lakhs on appeal, emphasizing the importance of financial accountability in company operations. The direction for action against Parvesh under Section 188 of the Companies Act, 2013, was quashed. Case-Laws Companies Law Tue, 21 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397669