Amended and updated notes on section 463 of Companies Act 2013. Detail discussion on provisions and rules related to power of court to grant relief in certain cases.
Chapter XXIX (Sections 447–470) of the Companies Act, 2013 (CA 2013) deals with the provisions related to miscellaneous. Section 463 of CA 2013 provides for power of court to grant relief in certain cases.
Recently, we have discussed in detail section 462 (Power to exempt class or classes of companies from provisions of this Act) of CA 2013. Today, we learn the provisions of section 463 of the Companies Act 2013.
The provisions of section 463 are effective from 12th September, 2013. You may refer Notification No. S.O. 2754(E) dated 12.09.2013. In this article, you will learn detail of the provisions of section 463 the Companies Act 2013.
| Name of Act | The Companies Act 2013 |
|---|---|
| Enacted by | Parliament of India |
| Administered by | Ministry of Corporate Affairs (MCA) |
| Number of Chapters | 29 |
| Number of Sections | 484 (470-43+57) |
| Number of Schedules | 7 |
| You are reading: | |
| Chapter No. | XXIX |
| Chapter Name | Miscellaneous |
| Section No. | 463 |
| Section Name | Power of court to grant relief in certain cases |
| Monthly Updated Edition | Company Law PDF |
Section 463 of Companies Act 2013: Power of court to grant relief in certain cases
Section 463 shall come into force on 12th September, 2013 vide Notification No. S.O. 2754(E) dated 12.09.2013.
(1) If in any 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 that having regard to all the circumstances of the case, including those connected with his appointment, he ought fairly to be excused, the court may relieve him, either wholly or partly, from his liability on such term, as it may think fit:
Provided that in a criminal proceeding under this sub-section, the court shall have no power to grant relief from any civil liability which may attach to an officer in respect of such negligence, default, breach of duty, misfeasance or breach of trust.
(2) Where any such officer has reason to apprehend that any proceeding will or might be brought against him in respect of any negligence, default, breach of duty, misfeasance or breach of trust, he may apply to the High Court for relief and the High Court on such application shall have the same power to relieve him as it would have had if it had been a court before which a proceedings against that officer for negligence, default, breach of duty, misfeasance or breach of trust had been brought under sub-section (1).
(3) No court shall grant any relief to any officer under sub-section (1) or sub-section (2) unless it has, by notice served in the manner specified by it, required the Registrar and such other person, if any, as it thinks necessary, to show cause why such relief should not be granted