Liability of Indipendent Director

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ashish (Querist)
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16 February 2010 Hi all,

Please tell me about the liability of indipendent director. could he be prosecuted, if there is default under the provisions of section 138 of the negotiable instrument Act whether we was signatory or not?

please treat it as urgen.

thanking you to all of you for your cooperation on this knowledgeable marathon.

Ankur Garg

Ankur Garg (Expert)
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16 February 2010 Yes.

All the directors are prima facie liable in their capacity as director of the company.

However certain defences are available to them subject to the satisfaction of court. They can prove their ignorance to the court.

Views of other experts solicited.

Regards

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