GOVIND NARAYAN KAKADE Vs. RANGNATH GOPAL RAJOPADHYE

JUDGEMENT

(1.) This is an appeal by Govind Narayaii Kakade, respondent No. 5, against the decree of the learned District Judge of Sholapur finding him liable for misfeasance or breach of trust as a director in the sum of Rs. 12,000 jointly with respondents Nos, 1, 2, 3 and 4 on an application made by the petitioner as liquidator of the Sholapur Bank, Limited, under Section 235 of the Indian Companies Act 1913.

(2.) The main defences are that the appellant not having been guilty of any wilful neglect or default is protected by the articles of association of the bank from this claim : or alternatively, that he has acted honestly and reasonably and ought fairly to be excused under Section 281 of the Indian Companies Act. Another main ground of defence is that in any event the claim against the appellant is barred by limitation.

(3.) The history of the bank and the main facts of the case have been set out in the judgment of my brother Patkar which I have had the advantage of reading, and also in the judgment of the Court below. I, therefore, need not detail them.