https://www.taxtmi.com/caselaws?id=102271 Section 633 of the Companies Act, 1956 was explained as a protective provision for officers of a company who have acted honestly and reasonably in the circumstances. The Delhi HC noted that the petitioning officers had taken legal advice before and after the 1988 amendment, proceeded on a bona fide understanding of the law, and exercised ordinary prudence; on that basis, they were granted relief from liability, subject to cooperation with the authorities. The Court also clarified that section 633 does not extend to the company as a juristic person, so the company's request for relief was rejected. en-us Mon, 06 Jul 1992 00:00:00 +0530 Tue, 14 Feb 2012 12:55:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=102271 Section 633 of the Companies Act, 1956 was explained as a protective provision for officers of a company who have acted honestly and reasonably in the circumstances. The Delhi HC noted that the petitioning officers had taken legal advice before and after the 1988 amendment, proceeded on a bona fide understanding of the law, and exercised ordinary prudence; on that basis, they were granted relief from liability, subject to cooperation with the authorities. The Court also clarified that section 633 does not extend to the company as a juristic person, so the company's request for relief was rejected. Case-Laws Companies Law Mon, 06 Jul 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=102271