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2008 (9) TMI 561 - HIGH COURT OF PUNJAB AND HARYANAWinding up - Power of Court to assess damages against delinquent directors, etc.- Held that:- For various acts of malfeasance, misfeasance, breach of trust, etc., the ex-directors are liable for criminal prosecution under section 542(3) as also for action under section 543(1) of the Companies Act. In the report of the learned District and Sessions Judge (Vigilance), Haryana, it has come that an amount of ₹ 11,98,724.82 was illegally and fraudulently retained and misutilised by the ex-directors. In fact, this is a public money in the hands of the company. The ex-directors have misutilised the amount and, thus, are liable to reimburse the same to the company. In view of the above, the present application is allowed and direct the ex-directors of the company to reimburse a sum of ₹ 11,98,724.82 along with interest at the rate of 6 per cent per annum with effect from the date of the report of the learned District and Sessions Judge (Vigilance), Haryana, i.e., 31-3-1995, till actual payment, within a period of two months from today. No costs.
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