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Independent Directors

MCA Clarifies the Prosecution Proceedings against Independent Directors

The Ministry of Corporate Affairs (MCA) on Monday assured that no prosecution proceedings would be initiated against Independent Directors and Non-Executive Directors of Companies without the availability of sufficient pieces of evidence of their involvement in frauds committed by the companies.

MCA issued a circular to its Regional Directors, Registrar of Companies (RoCs) and official liquidators with respect to prosecution proceedings against Independent and Non-Executive Directors. The circular was issued in the wake of the instances of Independent and Non-Executive Directors coming under the scanner for alleged corporate misdoings.

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MCA Clarifies the Prosecution Proceedings against Independent Directors

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