https://www.taxtmi.com/caselaws?id=310525 The court granted relief to the petitioner, a former Director of a company, under Section 633 of the Companies Act, 1956, excusing him from liability for defaults and breaches committed by the company. The court found that the petitioner acted honestly and reasonably, lacked involvement in management, and had no financial interest in the company. It emphasized the distinction between directors with technical expertise and those in control, concluding that the petitioner should not be held liable for the company's actions during his tenure, thereby encouraging directors with specialized skills to associate with companies without undue liability concerns. en-us Tue, 01 Mar 1977 00:00:00 +0530 Mon, 30 Oct 2023 12:08:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310525 The court granted relief to the petitioner, a former Director of a company, under Section 633 of the Companies Act, 1956, excusing him from liability for defaults and breaches committed by the company. The court found that the petitioner acted honestly and reasonably, lacked involvement in management, and had no financial interest in the company. It emphasized the distinction between directors with technical expertise and those in control, concluding that the petitioner should not be held liable for the company's actions during his tenure, thereby encouraging directors with specialized skills to associate with companies without undue liability concerns. Case-Laws Indian Laws Tue, 01 Mar 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310525