https://www.taxtmi.com/caselaws?id=99473 The court granted relief to the petitioner, a director seeking relief under section 633 of the Companies Act, 1956, for liability arising from company defaults. Despite being technically guilty, the petitioner, acting as a legal adviser without active management involvement, was relieved of liability as he acted honestly and reasonably. The judgment emphasized the importance of distinguishing between directors actively managing companies and those with limited involvement, suggesting a need for legislative action to widen accountability. The decision aimed to prevent harassment of directors not directly involved in defaults, highlighting the complexities of directorial roles and the balance required in holding them accountable. en-us Tue, 01 Mar 1977 00:00:00 +0530 Fri, 27 Jan 2012 14:45:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=99473 The court granted relief to the petitioner, a director seeking relief under section 633 of the Companies Act, 1956, for liability arising from company defaults. Despite being technically guilty, the petitioner, acting as a legal adviser without active management involvement, was relieved of liability as he acted honestly and reasonably. The judgment emphasized the importance of distinguishing between directors actively managing companies and those with limited involvement, suggesting a need for legislative action to widen accountability. The decision aimed to prevent harassment of directors not directly involved in defaults, highlighting the complexities of directorial roles and the balance required in holding them accountable. Case-Laws Companies Law Tue, 01 Mar 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=99473