MUMBAI: A recent Supreme Court judgement restraining independent directors of Jaiprakash Associates from transferring any personal assets over a group companys insolvency issue has sent shock waves through the independent directors fraternity, with experts warning that there would be few takers for this role.
Several independent directors on boards of companies are now seeking legal advice to find out to what extent they can be held liable for any operational issues in those firms.
Kiran Mazumdar Shaw, chairperson of Biocon, said the country is moving from poor governance to extreme governance. It is unfair to place the entire onus on independent directors who are only privy to the information shared with them by the management, she …
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