Companies AFt, 1956 postulates professional immunity for legal advisers/ counsels and bankeJ;S.-‘Phis section is similar to a string of provisions that one would find in the Indian Evidence Act, 1872, which envisages immunity to advocates and counsels for communications made in the course of discharging professional duties to a client, except that it would not apply where there is an intent to further a criminal purpose.
Section 251 of the Act lays down that nothing contained in the provisions of Sections 234 to 250 (relating to power of Registrar to call for information, seizure of documents by’the Registrar, investigation, inspector’s power to call for documents and evidence, seizure of documents, etc.) shall require the disclosure, to the Central Government, the CLB, Registrar or Inspector appointed by the Central Government, by a counselor banker, of any privileged communication made to him in that capacity, except as respects the name and address of his client (in the case O
ounsel) and the information other than such company, body corporate or person the case of a banker).
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