Section 515, The Companies Act, 2009

(1) If in any proceeding for negligence, default, breachof duty or breach of trust against a person to whom this section applies it appears to the court hearing the case that that person is or may be liable in respect of the negligence or default, and that, having regard to all the circumstances of the case, including those connected with his appointment, he ought fairly to be excused for the negligence, default, breach of duty or breach of trust, the court may relieve him, either wholly or partly, from his liability on such terms as the court may think fit. (2) Where any person to whom this section applies has reason to apprehend that any claim will or might be made against him in respect of any negligence, default, breach of duty or breach of trust, he may apply to the court for relief and the court on such application shall have the same power to relieve him under this section as it would have had if it had been a court before which proceedings against that person for negligence, default, or breach of duty or breach of trust had been brought. (3) The persons to whom this section applies are the following:– (a) directors of a company; (b) managers of a company; (c) other officers of a company; (d) persons employed by a company as auditors, whether they are officers of the company or not. 374 375 Interpretation as to statement in Provision with respect to default fines and meaning of “officer in default” etc. improper use of the word “limited”. Saving for privileged communications. Service of documents. court to grant relief in