Page 95
POWER OF COURT TO GRANT RELIEF [SECTION 463]
If in any civil proceeding for negligence, default, breach of duty, misfeasance or breach of trust against an officer of a company, it appears to the court hearing the case that he is or may be liable in respect of the negligence, default, breach of duty, misfeasance or breach of trust, but that he has acted honestly and reasonably, and fairly ought to be excused, the court may relieve him, either wholly or partly, from his liability on such term, as it may think fit.
An officer may apply preventative relief to the High Court.
Before granting such relief, the court shall by notice require the Registrar and such other person as it think fit, to show cause why such relief should not be granted.
Please continue to next page of this post.
AishMGhrana 