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2011 (4) TMI 1205 - HC - Companies LawNegligence, default, breach of duty, misfeasance or breach of trust – directors and other officers of the company fail to take reasonable steps to secure compliance of the requirements of the Act – Held that:- it cannot be said that the directors and other officers of the company who are petitioners before me have "failed to take reasonable steps". If a professional opinion is tenable and accounts and the directors’ report have been prepared according that professional opinion, it cannot be said that reasonable steps were not taken by the Company and its directors and other officers to comply with the provisions of the Act. In any case to prove contravention the mental element like intention or negligence or recklessness has also to be proved. On an assessment of the above facts those elements are also absent, application is allowed
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