Liability of Director of (P) Ltd. Co. on Liquidation ::

Court :
HC

Brief :
Held by hon"ble court that Sec.179 clearly requires that before initiating recovery actions against directors, it is necessary to establish that such recovery could not be made against the company.

Citation :
Indubhai T. Vasa Vs. I.T.O

Liability of Director of (P) Ltd. Co. on Liquidation Indubhai T. Vasa Vs. I.T.O 3/22/2005 (2005) 146 Taxman163( GUJ) Case Fact: Whether before initiating recovery action u/s 179 for dues of Pvt. Co against directors on liquidation , it is necessary to prove that recovery cannot be made against the company. Decision: Held by hon"ble court that Sec.179 clearly requires that before initiating recovery actions against directors, it is necessary to establish that such recovery could not be made against the company.

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Judgement posted by

CA.Saibaburao Nanduri

Chartered Accountant

I am a commerce graduarte of Andhra University. Studied at HINDU COLLEGE, Guntur. Became FCA and started Practice under the name and style of M/s SAIBABU RAO CO I became Chairman of CA Institute, Guntur Branch, during the year 2008-09 My post qualifications are: Information Systems Audit DISA (ICAI) ... Read more

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