2002 (4) TMI 833

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....erties was made absolute. In A.S. No. 1020 of 1998, the order challenged is the order in I.A. No. 736 of 1998, which is a claim petition filed by the appellant regarding the properties attached and made absolute as per the order in I.A. No. 303 of 1998. The claim petition was dismissed. Hence the appeal is filed. The first respondent in A.S. No. 1020 of 1998 and the respondent in C.M.A. No. 247 of 1998 - PKV Group Industries - is the plaintiff. The suit was filed for realisation of the balance amount from the defendant Jikku Chit Fund (Pvt.) Ltd. According to the plaintiff, an amount of Rs. 3,83,250 is due from the defendant. A petition for attachment was filed on the ground that the property in the schedule belongs to Jikku Chit Fund. J....

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....d. There is no dispute that the company is a separate legal entity and the liability of the company cannot be imposed on its officers or directors. The lower court went wrong in relying on section 322 of the Companies Act. It is only with regard to the liability of the shareholders towards the company and it is not for the outsiders. 4. The decisions reported in Ramachandran v. State of Kerala [1984] 55 Comp. Cas. 590 (Ker.) and Punalur Paper Mills Ltd. v. District Collector, Quilon [1985] KLT 758 were cited for the proposition that unless by special law, the Managing Director is mulcted with personal liability he is not liable. In Kundan Singh v. Moga Transport Co. (P.) Ltd. [1987] 62 Comp. Cas. 600 (P&H), the question arose under the I....