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of <h1>Section 166 Companies Act: key duties, conflict rules and penalties shaping responsible conduct of company directors</h1> Section 166 of the Companies Act, 2013 prescribes mandatory duties for company directors. Directors must act in accordance with the company's articles, in good faith to promote the company's objects for the benefit of members as a whole, and in the best interests of the company, its employees, shareholders, the community, and the environment. They must exercise due care, skill, diligence, and independent judgment, avoid actual or potential conflicts of interest, and not secure undue gain for themselves or connected persons, failing which they must disgorge such gain to the company. Directors cannot assign their office, and any such assignment is void. Contravention attracts a monetary fine between one lakh and five lakh rupees.
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