law: Sick Industrial Companies (Special Provisions) Act, 1985
  24. Misfeasance proceedings 
  (1) If, in the course of scrutiny or implementation of any
  
  scheme or proposal, it appears to the Board that any person who has taken part
  
  in the promotion, formation or management of sick industrial company or its
  
  undertaking, including any past or present director, manager or officer or
  
  employee of the sick industrial company- 
  (a) has misapplied or retained, or become
  
  liable or accountable for, any money or property of the sick industrial
  
  company; or
  (b) has been guilty of any misfeasance,
  
  malfeasance or non-feasance or breach of trust in relation to the sick
  
  industrial company, the Board may, by order, direct him to repay or restore the
  
  money or property or any part thereof, with or without interest, as it thinks
  
  just, or to contribute such sum to the assets of the sick industrial company or
  
  the other person entitled thereto by way of compensation in respect of the
  
  misapplication, retainer, misfeasance or breach of trust, as the Board thinks
  
  just, and also report the matter to the Central Government for any other action
  
  which that government may deem fit.
  (2) If the Board is satisfied on the basis of information and
  
  evidence in its possession with respect to any person who is or was a director
  
  or an officer or other employee of the sick industrial company, that such
  
  person by himself or along with others had diverted the funds or other property
  
  of such company for any purpose other than a bona fide purpose of the company
  
  or had managed the affairs of the company in a manner highly detrimental to the
  
  interests of the company, the Board shall, by order, direct the public
  
  financial institutions, scheduled banks and State level institutions not to
  
  provide, during a period of ten years, from the date of the order, any
  
  financial assistance to such person or any firm of which person is a partner or
  
  any company or other body corporate of which such person is a director (by
  
  whatever name called).
  (3) No order shall be made by the Board under this section
  
  against any person unless such person has been given an opportunity for making
  
  his submissions.
  (4) This section shall apply notwithstanding that the matter is
  
  one for which the person may be criminally liable.