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

Before granting relief to an officer of Deccan Cables Ltd under the court's power to excuse honest and reasonable officers, the court wants to follow the procedural requirement of the Act. Which step must it take?

The court must first serve notice, in the manner it specifies, requiring the Registrar and any other persons it thinks necessary to show cause why the relief should not be granted. Without this notice, no relief can be given under section 463.

  1. AObtain written consent of all shareholders
  2. BServe notice requiring the Registrar and any other persons it thinks necessary to show cause why relief should not be grantedCorrect
  3. CSeek prior approval of the Central Government
  4. DRefer the matter to the Company Law Tribunal for a report

Explanation

Section 463(3) bars any court from granting relief under sub-section (1) or (2) unless it has, by notice served in the manner it specifies, required the Registrar and such other persons as it thinks necessary to show cause why relief should not be granted. Shareholder consent and Central Government approval are not required.

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