https://www.taxtmi.com/caselaws?id=292013 Director misfeasance may arise where a director consciously or recklessly fails to supervise company affairs, permits inadequately safeguarded advances, and approves financial statements that do not show the true position. Contractual indemnity provisions in articles of association do not protect conduct amounting to wilful neglect or default, while statutory relief for directors does not extend to prolonged gross neglect of ordinary duties. A misfeasance application under Section 235 of the Indian Companies Act, 1913 is governed by the residuary limitation provision rather than limitation rules for independent compensation claims or contractual claims. Limitation runs when the loss becomes ascertainable, including from relevant financial statements and directors' meetings. en-us Wed, 20 Nov 1929 00:00:00 +0530 Fri, 04 Dec 2020 13:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292013 Director misfeasance may arise where a director consciously or recklessly fails to supervise company affairs, permits inadequately safeguarded advances, and approves financial statements that do not show the true position. Contractual indemnity provisions in articles of association do not protect conduct amounting to wilful neglect or default, while statutory relief for directors does not extend to prolonged gross neglect of ordinary duties. A misfeasance application under Section 235 of the Indian Companies Act, 1913 is governed by the residuary limitation provision rather than limitation rules for independent compensation claims or contractual claims. Limitation runs when the loss becomes ascertainable, including from relevant financial statements and directors' meetings. Case-Laws Companies Law Wed, 20 Nov 1929 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292013