https://www.taxtmi.com/caselaws?id=96623 Section 372 of the Companies Act, 1929 was treated as a wide discretionary power that could extend to penalty proceedings and anticipated liability where a director acted honestly and reasonably without qualification shares; relief from fines and penalties was granted on those facts. Relief was not extended to repayment of remuneration said to belong to the company, because the court required clear evidence of the views and interests of shareholders, fellow directors, and creditors before cutting off such a claim. The company's solvency alone was insufficient, so relief from repayment was refused. en-us Mon, 16 Oct 1933 00:00:00 +0530 Mon, 09 Jan 2012 18:05:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96623 Section 372 of the Companies Act, 1929 was treated as a wide discretionary power that could extend to penalty proceedings and anticipated liability where a director acted honestly and reasonably without qualification shares; relief from fines and penalties was granted on those facts. Relief was not extended to repayment of remuneration said to belong to the company, because the court required clear evidence of the views and interests of shareholders, fellow directors, and creditors before cutting off such a claim. The company's solvency alone was insufficient, so relief from repayment was refused. Case-Laws Companies Law Mon, 16 Oct 1933 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96623