https://www.taxtmi.com/caselaws?id=100066 The court granted relief to Parker and Grundy under Section 633, excusing them from liability for misstatements in the prospectus. However, the petition was dismissed for Parish and Wheaton, as they were found not to have acted reasonably. The judgment emphasized the importance of directors exercising due diligence and vigilance in their oversight responsibilities. It was noted that this decision should not impact any potential prosecution against Parish and Wheaton, which should be determined independently based on the evidence presented in those proceedings. en-us Tue, 03 Mar 1981 00:00:00 +0530 Wed, 12 Jan 2022 10:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=100066 The court granted relief to Parker and Grundy under Section 633, excusing them from liability for misstatements in the prospectus. However, the petition was dismissed for Parish and Wheaton, as they were found not to have acted reasonably. The judgment emphasized the importance of directors exercising due diligence and vigilance in their oversight responsibilities. It was noted that this decision should not impact any potential prosecution against Parish and Wheaton, which should be determined independently based on the evidence presented in those proceedings. Case-Laws Companies Law Tue, 03 Mar 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=100066