https://www.taxtmi.com/caselaws?id=25534 Relief under section 633(2) of the Companies Act, 1956 was treated as discretionary and dependent on a clear showing that each default was committed honestly and reasonably. The Court held that non-deposit of employees' provident fund contributions, ESI contributions and tax deducted at source involved statutory dues payable within time, and financial hardship, recession, labour unrest or expected subsidy did not excuse withholding those amounts. It further held that nominee and alternate directors not shown to be in charge of day-to-day affairs could not be fastened with personal liability for the defaults. Relief was therefore declined to the petitioners responsible for the defaults, while the nominee and alternate directors were exempted. en-us Thu, 12 Mar 1987 00:00:00 +0530 Fri, 29 Jan 2010 12:42:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25534 Relief under section 633(2) of the Companies Act, 1956 was treated as discretionary and dependent on a clear showing that each default was committed honestly and reasonably. The Court held that non-deposit of employees' provident fund contributions, ESI contributions and tax deducted at source involved statutory dues payable within time, and financial hardship, recession, labour unrest or expected subsidy did not excuse withholding those amounts. It further held that nominee and alternate directors not shown to be in charge of day-to-day affairs could not be fastened with personal liability for the defaults. Relief was therefore declined to the petitioners responsible for the defaults, while the nominee and alternate directors were exempted. Case-Laws Income Tax Thu, 12 Mar 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25534