https://www.taxtmi.com/highlights?id=104878 Separate legal personality of a company prevents its debts from being imposed on directors merely because they hold office. Liability for unpaid company deposits requires a personal guarantee, an independent contractual undertaking, or a statutory basis. Deposit receipts evidencing transactions with the company do not, without more, establish a director's personal repayment obligation. Joint and several liability imposed on the chairman and director was therefore removed, while the decree against the remaining defendants continued. en-us Tue, 13 Oct 2026 08:23:04 +0530 Tue, 13 Oct 2026 08:23:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=104878 Separate legal personality of a company prevents its debts from being imposed on directors merely because they hold office. Liability for unpaid company deposits requires a personal guarantee, an independent contractual undertaking, or a statutory basis. Deposit receipts evidencing transactions with the company do not, without more, establish a director's personal repayment obligation. Joint and several liability imposed on the chairman and director was therefore removed, while the decree against the remaining defendants continued. Highlights Companies Law Tue, 13 Oct 2026 08:23:04 +0530 https://www.taxtmi.com/highlights?id=104878