They normally only attend Board meeting, where on the basis of information provided, decisions are taken, if information given are malafide or window dressed, very difficult to know and how an independent director be a party to a fault. To that extent, Modi govt. making independent directors responsible for any default or crime in against all democratic norms and professionalism. Immediate need is to give relief to independent directors for such liabilities.
What about incompetent statutory auditors and bogus rating agencies and even SEBI who should be booked for higher IPO price which bombs within one year! There is no accountability in India. Bogus borrowers like Mallya, Modis, Choksi, Ruias and many hundred more.
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