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TMI Blog2006 (9) TMI 297X X X X Extracts X X X X X X X X Extracts X X X X ..... the Applicant. N.S. Chauhan and Arjun Karnani for the Respondent. ORDER 1. By way of Judge s summons taken out under section 454(5) of the Companies Act, 1956 (for short the Act ) the Official Liquidator has prayed for an order to punish the non-petitioner Nos. 1 and 2 for committing the offence under section 454 of the Act and to direct the non-petitioners to hand over the record ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of section 454 of the Act read with rule 124 of Companies (Court) Rules, 1959 every ex-director of the company is under statutory obligation to file statement of affairs of the company. The non-petitioners are guilty of misfeasance and breach of trust in relation to company in liquidation. Vide order dated 18-1-1995 the Official Liquidator was allowed to file application for prosecution unde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y offence under section 454 of the Act. Non-Petitioner No. 2 Mr. Dhanna Lal Sharma, Ex-Director of the company in liquidation submitted that he already resigned from the company on 1-10-1979 and he was not managing the affairs of the company. He never retained movable and immovable properties and after his resignation the same were under the control of non-petitioner No. 1. He submitted that he ..... X X X X Extracts X X X X X X X X Extracts X X X X
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