Liability of Chairperson, Vice Chairperson, Members and Employees for loss, waste or misappropriation etc.

(1) If in the course of enquiry or inspection under Section 117 or in the course of audit under this Act, it is found that any person who is or was entrusted with the management of Market Committee or any deceased, past or present Chairperson, Vice-Chairperson, Member, Officer-in-charge of Market Committee, or any other officer or employee of Market Committee or an Officer of the Government has made or directed by assenting or concurring or participating in any affirmative vote or proceeding related thereto, any payment or application of any money or other property belonging to, or under the control of such committee to any purpose contrary to the provisions of this Act or Rules or Bye-laws made thereunder or has caused any deficiency or loss by gross negligence or misconduct or has misappropriated or fraudulently retained any money or other property belonging to the Market Committee , the Director/Managing Director may, on his own motion or on the application of the Market Committee , enquire himself or direct any officer subordinate to him duly authorised by him by an