https://www.taxtmi.com/caselaws?id=292014 Directors were not treated as express trustees for Section 10 of the Indian Limitation Act, 1908 because company property was not vested in them in trust for any specific purpose; general control of company funds was insufficient. A misfeasance claim under Section 235 of the Indian Companies Act, 1913 was also held to be founded on an existing liability and not on a new right created by winding up, so limitation ran from the date of the wrongful act rather than from the winding-up order. The claim was therefore time-barred, and no fresh limitation period arose on liquidation. en-us Fri, 17 Jan 1930 00:00:00 +0530 Fri, 04 Dec 2020 13:20:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292014 Directors were not treated as express trustees for Section 10 of the Indian Limitation Act, 1908 because company property was not vested in them in trust for any specific purpose; general control of company funds was insufficient. A misfeasance claim under Section 235 of the Indian Companies Act, 1913 was also held to be founded on an existing liability and not on a new right created by winding up, so limitation ran from the date of the wrongful act rather than from the winding-up order. The claim was therefore time-barred, and no fresh limitation period arose on liquidation. Case-Laws Companies Law Fri, 17 Jan 1930 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292014