Amendment status not verified — confirm the current text below against the official source.
(1) 18 of 2013 When any private company is wound up and any tax, interest or penalty determined under this Acton the company 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 such company at anytime during the period for which the tax was due shall, jointly and severally, be liable for the payment for such tax, interest or penalty, unless he proves to the satisfaction of the Commissioner that such non-recovery cannot be attributed to any gross neglect, misfeasance or preach of duty on his part in relationto the affairs of the company. Notwithstanding anything contained in the Liability of. Companies Act, 2013, where any tax, interest or directors of penalty due from a private company in respect of private company any supply of goods or services or both for any period cannot be recovered, then, every person who was a director of the private company during such period shall, jointly and severally, be liable for the payment of such tax, interest or penalty unless he proves that the non-recovery cannot be attributed to any gross neglect, misfeasance or preach of duty on his part in relation to the affairs of the company. (2) Where a private company is converted into a public company and the tax, interest or penalty in respect of any supply of goods or services or both for any period during which such company was a private company cannot be recovered before such conversion, then, nothing contained in sub-section (1) shall apply to any person who was a 415 director of such private company in relation to any tax, interest or penalty in respect of such supply of goods or services or both of such private company: Provided that nothing contained in this sub-section shall apply to any personal penalty imposed on such director.