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2017 (10) TMI 465 - HC - Companies LawGuilty of misfeasance and malfeasance in relation to the Company - committing breach of trust in discharge of the duties towards the Company - liability under the provisions of Section 543 - Held that:- Admittedly, the case has been set up on the basis of report prepared by the Chartered Accountant whose statements have been quoted herein above. The present case is a case of voluntary winding up of the Company and not at the instance of any of its creditors. It is now an admitted position that the entire affairs of the Company were in the hands of one and single person namely Mr. Manik Chand Agarwal who has expired. Even as against Mr. Manik Chand Agarwal, as per the statement of the OL, who has stated that the application is being filed in view of report of Mr. NC Jain, Chartered Accountant and the record as available with him, there does not appear to be any single particular specific act which can be said to have been committed by any of the particular Director as required within the meaning of the provisions of Section 443(1) of the Act of 1956. The allegations which were originally made, have not been found to be correct by the Income Tax Authorities and the appeal thereto has also been dismissed. In the written submissions, a new case is sought to be made out which is not in any manner coming out from the report of Mr. NC Jain or his statements. The allegations are vague and bald which could not be said to be sufficient to hold the respondents guilty of causing breach of trust or misfeasance within meaning of Section 543 of the Act.
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