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1 - 6 of 6 (2.16 seconds)Section 542 in The Companies Act, 1956 [Entire Act]
The Companies Act, 1956
Official Liquidator vs Ram Swarup And Etc. on 27 March, 1996
It was
held in Official Liquidator v. Ram Swarup ((1997) 88 Comp. Cas.
Section 446 in The Companies Act, 1956 [Entire Act]
A. Stock And Co. (In Liquidation) And ... vs Dilip Kumar Chakraborty And Others on 9 July, 1993
It was argued
that no action can be taken against them under section 543 (1). If
they are not doing their duties in not conducting the interest of the
Financial Corporation, only the Financial Corporation which
M.F.A.No. 237/2002 &
Co.Appeal No.38/2003 3
nominated them can taken action. The learned counsel for the
official liquidator argued that even though the Financial Corporation
can nominate any person notwithstanding the provisions in the
Memorandum of Articles of Association or Companies Act, but, they
are also accountable once they are in the Board. If amounts from
the company are advanced to others and no proper action is taken
to recover the same, the repaying capacity will be lost and in that
way, the Financial Corporation also will be interfered and also cited
the decision of the Calcutta High Court in A Stock and Company v.
Dilip Kumar Chakraborti ((1996) 87 Comp. Cas. 139 Cal.) wherein it
was held that nominee directors can also be held liable depending
upon the role which they played in the conduct of affairs, i.e.,
whether they performed their statutory duties in good faith.
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