https://www.taxtmi.com/article/detailed?id=5526 Directors, as board appointees, carry duties to act in good faith, with due care, skill and independent judgment, avoid conflicts and not seek undue advantage; they may be characterised as agents, officers, trustees, key managerial personnel or officers in default. Liability is imposed where directors knowingly participate in, consent to, connive at, or fail to prevent defaults, and specific statutory provisions create civil and criminal exposure - including personal, unlimited liability for fraud and penalties for breaches such as misstatements in prospectuses, improper acceptance of deposits, failures in secretarial audit, and obstruction of inspections. en-us Sat, 15 Mar 2014 12:42:41 +0530 Sat, 15 Mar 2014 12:42:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=5526 Directors, as board appointees, carry duties to act in good faith, with due care, skill and independent judgment, avoid conflicts and not seek undue advantage; they may be characterised as agents, officers, trustees, key managerial personnel or officers in default. Liability is imposed where directors knowingly participate in, consent to, connive at, or fail to prevent defaults, and specific statutory provisions create civil and criminal exposure - including personal, unlimited liability for fraud and penalties for breaches such as misstatements in prospectuses, improper acceptance of deposits, failures in secretarial audit, and obstruction of inspections. Articles Corporate Laws / IBC / SEBI Sat, 15 Mar 2014 12:42:41 +0530 https://www.taxtmi.com/article/detailed?id=5526