Court relief for officers: conditional excusal possible if an officer acted honestly and reasonably, subject to notice. Courts may relieve company officers, wholly or partly and on terms, from liability for negligence, default, breach of duty, misfeasance or breach of trust where the officer has acted honestly and reasonably and it is fair to excuse them; this power in criminal proceedings does not remove attendant civil liability, and the High Court may grant equivalent relief on interlocutory application provided required notice is served to the Registrar and other necessary persons.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Court relief for officers: conditional excusal possible if an officer acted honestly and reasonably, subject to notice.
Courts may relieve company officers, wholly or partly and on terms, from liability for negligence, default, breach of duty, misfeasance or breach of trust where the officer has acted honestly and reasonably and it is fair to excuse them; this power in criminal proceedings does not remove attendant civil liability, and the High Court may grant equivalent relief on interlocutory application provided required notice is served to the Registrar and other necessary persons.
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