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Bombay High Court upholds Official Liquidator's claim to five paintings in Mafatlal Dyes liquidation, rejecting family claimants' objections and appointing art auction expert.
The Karnataka High Court has ruled that mere book-value discrepancies arising from technological obsolescence cannot ground a claim of misfeasance against directors under Section 543 of the Companies Act, 1956. Liability is confined solely to unaccounted loans of Rs.24,022 with 6% interest from the winding-up date, clarifying that accounting adjustments alone do not equate to misconduct by directors in liquidation proceedings.
Karnataka High Court holds directors jointly and severally liable for unaccounted bank deposits of ₹66.14 lakh under Section 543 of the Companies Act 1956, emphasizing that failure to explain missing records triggers adverse inference. The ruling underscores directors' fiduciary duty to preserve financial records even after winding up, setting a precedent for stricter accountability in liquidation proceedings.
Calcutta High Court holds that secured creditors must be recognized if charge documents are submitted before claim adjudication, even if initially omitted. Key precedent for liquidation proceedings.