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Misfeasance involves misapplying, retaining
or becoming accountable for any money or other property of
the company by any officer or ex-officer of the company (this
includes directors and the company secretary).
The Court may, on application of the
liquidator, or of any creditor, examine into the conduct of
the person mentioned above, and compel him/her: ·
- To repay, restore or account
for the money or property or any part of it, with interest
at such rate as the court thinks fit or
- To contribute such sum to the
company's assets by way of compensation in respect of the
misfeasance.
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