https://www.taxtmi.com/caselaws?id=459084 The SC disposed of an application regarding impleadment of Independent Directors in proceedings, finding that neither NCLT nor NCLAT properly applied their minds to the appellants' specific roles as Independent Directors before ordering their impleadment. The NCLT noted that the second SFIO report did not implicate Independent Directors but still impleaded them based on other Directors' positions. The NCLAT primarily considered auditor-related facts without adequate consideration of the appellants' distinct circumstances. The SC remanded the matter to NCLT for proper consideration of whether the Independent Directors should be impleaded, emphasizing that while Independent Directors must remain vigilant about company affairs, they deserve specific consideration of their role and position before impleadment. en-us Mon, 15 Feb 2021 00:00:00 +0530 Fri, 29 Nov 2024 18:59:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459084 The SC disposed of an application regarding impleadment of Independent Directors in proceedings, finding that neither NCLT nor NCLAT properly applied their minds to the appellants' specific roles as Independent Directors before ordering their impleadment. The NCLT noted that the second SFIO report did not implicate Independent Directors but still impleaded them based on other Directors' positions. The NCLAT primarily considered auditor-related facts without adequate consideration of the appellants' distinct circumstances. The SC remanded the matter to NCLT for proper consideration of whether the Independent Directors should be impleaded, emphasizing that while Independent Directors must remain vigilant about company affairs, they deserve specific consideration of their role and position before impleadment. Case-Laws Companies Law Mon, 15 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459084