Section 763 of The Companies Act No. 17 of 2015: Power of Court to grant relief in certain cases
(1) This section applies to the following persons—
(a) an officer of a company;
(b) a person employed by a company as an auditor. (whether or not the person is an officer of the company).
(2) If, in proceedings for negligence, default, breach of duty or breach of trust against a person to whom this section applies, it appears to the court hearing the proceedings that—
(a) the person is or may be liable but acted honestly and reasonably; and
(b) having regard to all the circumstances of the case (including those connected with the appointment of the person) the person ought fairly to be excused, the court may relieve the person from liability (wholly or in part) on such terms as it considers appropriate.
(3) A person to whom this section applies may apply to the court for relief if the person reasonably believes that a claim will or might be made against the person in respect of negligence, default, breach of duty or breach of trust.
(4) On hearing an application made under subsection (2), the court has the same power to grant relief as it would have had if it had been a court before which proceedings for negligence, default, breach of duty or breach of trust had been brought against the person.
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(1) The audit committee of a quoted company shall—
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- Section 777 - Appropriate qualifications for appointment as a statutory auditor
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