09 December 2008
Please tell me is there any provison are there in comapnies act under which any person become director but without any legal liability, other than liability to the extent of shares only.
Right now there is no such provision in the companies Act. I hope in future also there wl be no such provisions. Director means the persons who are responsiblr for the operations of the company. Obviously therei s a liability.
Pls note that a director is not under the compulsion to hold any shares.
CAclubindia
