Are independent directors better off?
The Companies Bill, 2012 defines ‘independent director’ and attempts to distinguish between the liability of an independent director and a non-executive director from the rest of the board. Clause 149 (12) of the Bill provides that liability for independent directors would be “only in respect of such acts of omission or commission by a company which had occurred with his knowledge, attributable through Board processes, and with his consent or connivance or where he had not acted diligently.” Read more [...]