https://www.taxtmi.com/highlights?id=78577 The High Court held ex-directors guilty of fraudulent concealment and misappropriation u/s 433(e) and 435 of the Companies Act, 1956. They failed to disclose sale consideration in company accounts. Third-party rights existed before winding-up. No collusion found. Ex-directors ordered to pay Rs. 3,60,000 with 12% penal interest to Official Liquidator within 30 days. Application disposed of. en-us Tue, 18 Jun 2024 08:28:40 +0530 Tue, 18 Jun 2024 08:28:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=78577 The High Court held ex-directors guilty of fraudulent concealment and misappropriation u/s 433(e) and 435 of the Companies Act, 1956. They failed to disclose sale consideration in company accounts. Third-party rights existed before winding-up. No collusion found. Ex-directors ordered to pay Rs. 3,60,000 with 12% penal interest to Official Liquidator within 30 days. Application disposed of. Highlights Companies Law Tue, 18 Jun 2024 08:28:40 +0530 https://www.taxtmi.com/highlights?id=78577