TMI BlogPower of Tribunal to assess damages against delinquent directors, etc.X X X X Extracts X X X X X X X X Extracts X X X X ..... sent director, manager, liquidator or officer of the company ____ (a) has misapplied, or retained, or become liable or accountable for, any money or property of the company; or (b) has been guilty of any misfeasance or breach of trust in relation to the company, the Tribunal may, on the application of the Official Liquidator, or the liquidator, or of any creditor or contributory ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shall apply notwithstanding that the matter is one for which the person concerned may be criminally liable.] ---------------------------------------- Notes:- [1] Substituted by the Companies (Second Amendment) Act, 2002, w.e.f. a date yet to be notified. Prior to its substitution, section 543, as amended by the Companies (Amendment) Act, w.e.f. 13-12-200, read as under for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , liquidator or officer aforesaid, and compel him to repay or restore the money or property or any part thereof, respectively, with interest at such rate as the Court thinks just, or to contribute such sum to the assets of the company by way of compensation in respect of the misapplication, retainer, misfeasance or breach of trust, as the Court thinks just. (2) An application under sub-section ( ..... X X X X Extracts X X X X X X X X Extracts X X X X
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