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18 Liability of directors of private company in liquidation
Notwithstanding anything contained in the Companies Act, 1956 (1 of
1956), when any private Company is wound up after the commencement of this
Act, and any tax assessed on the company under this Act for any period, whether
before or in the course of or after its liquidation, cannot be recovered, then, every
person who was a director of the private company at any time during the period
for which the tax is due shall be jointly and severally liable for the payment of
such tax unless he proves that the non-recovery cannot be attributed to any gross
neglect, misfeasance or breach of duty on his part in relation to the affairs of the
company. |