Section 113(4) in The Gujarat Co-Operative Societies Act, 1961
(4)The liquidator shall be held liable for any irregularities which might be discovered in the course or a a result of audit in respect of transactions, subsequent to his taking charge of the affairs of the society, and may be proceeded against as if it were an act against which action could be taken under Section 93 :Provided that, no such action shall be taken unless the irregularities have caused or are likely to cause loss to the society, and have occurred due to gross negligence or want on omission by the liquidator, in carrying out the duties and functions.
