1987 (9) TMI 344

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..... . Mittal, J. - The petitioner-company was ordered to be wound up by this court, vide order dated August 31, 1984, in Company Petition No, 41 of 1983 and the official liquidator was appointed as its liquidator. Respondents Nos. 1 and 2 were its managing director and director, respectively, during the time it functioned. The respondents, it is alleged, did not take any active part in the functioning .....

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..... abad 6.00 5. Sh. Ajit Singh, Sherpur Engg., Garh Road, Meerut 16.20 6. Pt. Hem Raj Sharma Raj Jyotishi, V. & P.O., Kartarpur 600.00 7 M/s Bagga Art Studio, Gill Road, Rani Market, Ludhiana 395.07 8. Ramesh K. Nanchahal, Impression International G. T. Road, Miller Ganj, Ludhiana-3 718.48 9. The Director of Commercials, All India Radio, Backbay Reclamation, Bombay-1 1,443.75 10. M/ .....

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..... respondents jointly and severally. Notice of the petition was issued to the respondents. The respondents did not appear to contest the case. Consequently, they were proceeded against ex parte. The petitioner, in order to prove the case, produced Shri R. S. Negi, official liquidator. He deposed about the aforesaid facts. He further deposed that respondent No. 1 filed the statement of affairs wit .....

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..... irector and compel him to contribute such sum to the assets of the company by way of compensation in respect of misfeasance or breach of trust as the court thinks just. The words "misfeasance and breach of trust" have been defined by the Supreme Court in P.K. Nedungadi v. Malayalee Bank Ltd. [1972] 42 Comp Cas 120 ; AIR 1971 SC 829, wherein it was observed that misfeasance and breach of trust incl .....

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..... te of realisation of the amount at the rate of 12% per annum. In my view, this claim of the petitioner is justified. For the aforesaid reasons, I pass a decree for recovery of Rs. 4,056 77 with interest at the rate of 12% per annum from the date of filing of the petition, i.e., April 10, 1987, till the amount is realised jointly and severally against the respondents.
Case laws, Decisions, Jud .....

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