Protection of Action taken in Good Faith

27.1 Suggestions were received for amending Section 456 of the Act, to allow for rectification of mistakes by companies, especially during the filing of various forms. It was noted by the Committee that the provision is for protecting action taken by government servants in administration of the Act.

Rectification of corporate filing errors proposed to allow companies to correct mistakes, altering protection scope for officials. Proposed amendment targets the ability of companies to correct inadvertent errors in statutory filings by enabling a formal rectification mechanism; the Committee observed that the current protection provision is primarily designed to shield government servants acting in the administration of the Act.