Directors play a pivotal role in corporate governance, as fiduciaries entrusted with the management and affairs of the company. Under financial distress the law obliges directors to take their accountability towards shareholders, creditors and regulatory authorities. Their duty encompasses broadly as statutory and fiduciary in nature. The multi-faceted role is scrutinized in cases such as mismanagement and fraudulent transactions to breach of fiduciary duty of good faith. This case digest highlights rulings of the National Company LawAppellate Tribunal (NCLAT) where directors’ accountability have been examined legally.
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