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2012 (11) TMI 567 - HC - Companies LawMisfeasance of Directors – application for recovery from the director - respondent No. 3, it is contended that he is a Non-Residential Indian Director who was not engaged in the day-to-day affairs of the company and cannot be held liable – Held that:- Therefore, in a circumstance whereby the earlier report the observations made by the Statutory Auditors have been relied on by the Chartered Accountant, such observation by the very same Statutory Auditors for the subsequent years to indicate that the amount in fact had not been passed onto the Sister concern cannot be brushed aside, Therefore, if these aspects are kept in view, it cannot be said that there is deliberate attempt on behalf of the respondents to make unlawful gain unto themselves when it is not established that there was loss caused to the applicant-company by such provision in the balance sheet with regard to the marketing strategy of the applicant-company. When the element of misfeasance and there being wilful conduct on the respondents to make gain unto themselves to the detriment of the applicant-company is not made out, in any event this Court need not go into the question as to whether the claim itself was time-barred or not. - Application of the liquidator rejected.
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