https://www.taxtmi.com/caselaws?id=778608 HC vacated the interim order against the two applicants but refused to strike them from the respondent array or dismiss/stay misfeasance proceedings. The SFIO report and board minutes show their participation in some meetings and possible knowledge of irregularities, though no specific allegations were made against them; definitive guilt cannot be found at this stage. The court held the applicants fall within the ambit of Section 542(1) and that an ex facie dismissal is not warranted, while permitting them to reapply if no evidence emerges after the Official Liquidator's case. Application disposed. en-us Tue, 16 Sep 2025 00:00:00 +0530 Fri, 19 Sep 2025 08:33:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=778608 HC vacated the interim order against the two applicants but refused to strike them from the respondent array or dismiss/stay misfeasance proceedings. The SFIO report and board minutes show their participation in some meetings and possible knowledge of irregularities, though no specific allegations were made against them; definitive guilt cannot be found at this stage. The court held the applicants fall within the ambit of Section 542(1) and that an ex facie dismissal is not warranted, while permitting them to reapply if no evidence emerges after the Official Liquidator's case. Application disposed. Case-Laws Companies Law Tue, 16 Sep 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=778608