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.
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