Section 543 Companies Act: Applications Must Be Specific, Not for Broad Misfeasance Investigations Against Former Directors.

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....An application under Section 543 of the Companies Act, 1956 cannot be made in vague terms and it cannot be used as a power to conduct a roving enquiry in these proceedings and to ascertain as to whether there is any act of misfeasance on the part of erstwhile directors. - HC....