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CS Professional · Compliance Management, Audit and Due Diligence · Relief and Remedies

A court is hearing a case against Ms. Neha Iyer, an officer of Orion Logistics Ltd. It finds she was careless in certifying a compliance report, but also finds she did not act honestly and reasonably. Can the court grant relief under Section 463(1)?

No. Section 463(1) allows relief only when the officer has acted honestly and reasonably and ought fairly to be excused in all the circumstances. Since the court found she did not act honestly and reasonably, it cannot grant even partial relief.

  1. AYes, because the officer's position alone justifies relief
  2. BYes, but only partly, with the balance of liability remaining
  3. CNo, because relief requires that the officer acted honestly and reasonably and ought fairly to be excusedCorrect
  4. DYes, if the Registrar does not object to the show cause notice

Explanation

Section 463(1) allows relief only where the officer has acted honestly and reasonably and, having regard to all the circumstances, ought fairly to be excused. If honesty and reasonableness are not established, the condition fails and neither full nor partial relief is available. A lack of objection from the Registrar cannot cure this.

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