2006 (9) TMI 297

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...., J.   G.K. Garg for the Applicant. N.S. Chauhan and Arjun Karnani for the Respondent. ORDER 1. By way of Judge's summons taken out under section 454(5) of the Companies Act, 1956 (for short 'the Act') the Official Liquidator has prayed for an order to punish the non-petitioner Nos. 1 and 2 for committing the offence under section 454 of the Act and to direct the non-petitioners t....

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....tion. As per provision of section 454 of the Act read with rule 124 of Companies (Court) Rules, 1959 every ex-director of the company is under statutory obligation to file statement of affairs of the company. The non-petitioners are guilty of misfeasance and breach of trust in relation to company in liquidation. Vide order dated 18-1-1995 the Official Liquidator was allowed to file application for....

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....not committed any offence under section 454 of the Act. Non-Petitioner No. 2 Mr. Dhanna Lal Sharma, Ex-Director of the company in liquidation submitted that he already resigned from the company on 1-10-1979 and he was not managing the affairs of the company. He never retained movable and immovable properties and after his resignation the same were under the control of non-petitioner No. 1. He s....