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2016 (9) TMI 1082 - HC - Companies LawDefault of respondents directors of the company in liquidation - commission or omission and/ or negligence on the part of the directors - winding up proceedings - Held that:- The case as laid is based on the report dated 6-10-2008 prepared by the Chartered Accountant on the basis of last balance sheet as on 31-3- 1996 and the last annual return dated 30-9-1996. The said report duly proved in court by the Official Liquidator's evidence indicates that the respondent directors had acted totally against the interest of the company in liquidation and in contravention of the various provisions of applicable laws. They did not even care for the Residuary Non Banking Companies (RBI) Directions, 1987 and as against the capital base of the company to an extent of only ₹ 2,10,000/- collected deposits of huge amounts. The amount received from the depositors have not been accounted for. Thus the respondent directors misappropriated the amounts in the account of the company in eroding up and acted in breach of trust to cause loss to the company in liquidation to their corresponding enrichment/ benefits. The conduct of the respondent directors clearly fall within the definition of misfeasance, malfeasance and breach of trust. Further, from the evidence on record it can be gathered that the deeds and acts of the respondent ex-directors/others were of a nature not expected of prudent persons engaged in the business. On consideration of the pleadings and evidence on record, I am of the considered view that the case of misfeasance, malfeasance and breach of trust is made out against Dev Jeet Nag, Ahnish Kamal Bhatnagar and Yogesh Sharma, the respondents directors of the company in liquidation. Steps be taken jointly and severally for recovery from them of ₹ 1,02,57,288/- along with interest @ 6% per annum effective 17-12-2003 (sixty days following the winding up order dated 17-10-2003) till the date of recovery.
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