TMI Blog2011 (1) TMI 1201X X X X Extracts X X X X X X X X Extracts X X X X ..... is patent that if there is reasonable excuse, a person may not be held guilty under section 454(5) of the Act. - CO. APPEAL NO. 8 OF 2010 - - - Dated:- 24-1-2011 - ADARSH KUMAR GOEL AND SATISH KUMAR MITTAL, JJ. Vikas Mohan Gupta for the Appellant. Neeraj Khanna and Ms. Kiran Bhardwaj for the Respondent. ORDER Adarsh Kumar Goel, J. - This appeal has been preferred again ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nominee Director nominated by the Punjab State Industrial Development Corporation, the creditor of the Company. Under the agreement to advance loan, there was a provision for nominating a Director by the Financial Corporation and in terms thereof, the appellant was nominated vide order dated 4-5-1993, Annexure A-1. Section 41A of the State Financial Corporations Act, 1951 provided that for any o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the effect that a nominee Director may not be conversant with records or affairs of a company. In the application, Annexure A-3, the appellant specifically stated in para 2 that as nominee Director, he was not involved in the day to day affairs of the company and was not in possession of any assets, books of account or document. He also did not receive any notice from the Official Liquidator wh ..... X X X X Extracts X X X X X X X X Extracts X X X X
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