9911796707
TMI Blog2006 (3) TMI 348X X X X Extracts X X X X X X X X Extracts X X X X ..... . -- This application is filed by the official liquidator for taking action under section 543(1) of the Companies Act, 1956, against the respondents who are liable jointly and severally to contribute the said sum to the extent of Rs. 5,77,750 to the company in liquidation. 2. In paragraph 8 of the application, learned counsel appearing for the official liquidator has given the details regarding t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e respondents, either they have become time barred and none had made the claim before the official liquidator. The report of the official liquidator, read that there were loss caused by the respondents which are under loss causing serious impact on the company's net worth. The loss suffered in the business activity as such deserved to be fastened with the liability to be taken under sections 542 a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (Guj) (Official Liquidator, Dhavalgiri Paper Mills P. Ltd. v. Chinubhai Khilachand) ; (2)[1991] 71 Comp Cas 101 (Delhi) (Security and Finance P. Ltd. v. B. K. Bedi) ; and (3)[1994] 79 Comp Cas 25 (P & H) (Sandal Chit Fund and Financiers P. Ltd. (in liquidation) v. Narinder Kumar Sharma). 5. Even as per the statement filed by the official liquidator, the loss is not on account of any fraudulent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the decisions as held by the Supreme Court in the nature of jurisdiction of this court in the burden of proving misfeasance or non-feasance rests on the official liquidator. It may be mentioned or merely relied upon the evidence recorded in public examination of the directors and on a few documents tendered in evidence. 8. Considering the above, in the absence of any strong evidence of misfeasanc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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