463. Power of court to grant relief in certain cases
(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.