https://www.taxtmi.com/caselaws?id=282522 Nominee directors appointed by a financial corporation under Section 27 of the State Financial Corporations Act, 1951 are protected only for acts or omissions done in good faith within their limited board functions. The Kerala HC held that such directors are not concerned with routine management duties like maintaining statutory records, filing the statement of affairs, or handing over books and papers to the Official Liquidator. Where no overt act attributable to the nominee directors was shown, criminal liability for offences under the Companies Act, 1956 could not be fastened on them, and the convictions and sentences were set aside. en-us Fri, 02 Jan 2009 00:00:00 +0530 Mon, 12 Aug 2019 11:34:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282522 Nominee directors appointed by a financial corporation under Section 27 of the State Financial Corporations Act, 1951 are protected only for acts or omissions done in good faith within their limited board functions. The Kerala HC held that such directors are not concerned with routine management duties like maintaining statutory records, filing the statement of affairs, or handing over books and papers to the Official Liquidator. Where no overt act attributable to the nominee directors was shown, criminal liability for offences under the Companies Act, 1956 could not be fastened on them, and the convictions and sentences were set aside. Case-Laws Companies Law Fri, 02 Jan 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282522