https://www.taxtmi.com/caselaws?id=292013 A director was held liable for misfeasance and breach of trust where he took little effective part in management, failed to supervise agents, allowed unsecured advances, and signed balance-sheets that did not reflect the company's true position. The articles of association did not protect conduct amounting to conscious disregard of duty, and the statutory power to excuse directors did not extend to gross, prolonged neglect of ordinary duties. The liquidator's application under Section 235 was not treated as a suit for independent compensation; residuary limitation applied, and time ran from when the loss became ascertainable from the balance-sheet and directors' meeting, so the application was within time. 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 A director was held liable for misfeasance and breach of trust where he took little effective part in management, failed to supervise agents, allowed unsecured advances, and signed balance-sheets that did not reflect the company's true position. The articles of association did not protect conduct amounting to conscious disregard of duty, and the statutory power to excuse directors did not extend to gross, prolonged neglect of ordinary duties. The liquidator's application under Section 235 was not treated as a suit for independent compensation; residuary limitation applied, and time ran from when the loss became ascertainable from the balance-sheet and directors' meeting, so the application was within time. Case-Laws Companies Law Wed, 20 Nov 1929 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292013