https://www.taxtmi.com/caselaws?id=99679 The court granted relief to the petitioners, excusing them from negligence and non-compliance with the Companies Act, 1956, and Companies (Acceptance of Deposits) Rules, 1975. The directors' actions were deemed honest and reasonable, as they took steps to rectify the default by securing excess deposits through trust deeds. The court concluded that the directors acted in good faith, warranting relief from the consequences of the default. en-us Mon, 31 Jul 1978 00:00:00 +0530 Sat, 28 Jan 2012 12:42:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=99679 The court granted relief to the petitioners, excusing them from negligence and non-compliance with the Companies Act, 1956, and Companies (Acceptance of Deposits) Rules, 1975. The directors' actions were deemed honest and reasonable, as they took steps to rectify the default by securing excess deposits through trust deeds. The court concluded that the directors acted in good faith, warranting relief from the consequences of the default. Case-Laws Companies Law Mon, 31 Jul 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=99679