https://www.taxtmi.com/caselaws?id=458825 Directors of a company in liquidation were not punished for delay in filing the statement of affairs under Section 454 of the Companies Act, 1956 because they eventually filed it and supported their explanation with evidence of a fire accident that destroyed movables, computers, books and files. In the absence of any pleading or proof that the fire resulted from their negligence or intention, their inability to answer all queries raised by the Official Liquidator was treated as bona fide, reasonable and genuine. The application for punishment was therefore dismissed. en-us Fri, 10 Dec 2010 00:00:00 +0530 Mon, 18 Nov 2024 12:57:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458825 Directors of a company in liquidation were not punished for delay in filing the statement of affairs under Section 454 of the Companies Act, 1956 because they eventually filed it and supported their explanation with evidence of a fire accident that destroyed movables, computers, books and files. In the absence of any pleading or proof that the fire resulted from their negligence or intention, their inability to answer all queries raised by the Official Liquidator was treated as bona fide, reasonable and genuine. The application for punishment was therefore dismissed. Case-Laws Companies Law Fri, 10 Dec 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458825