Such matters have not generally been the subject of statutory provisions. Duties of Director 7. 1.3.3 Definition of Promoter in Companies Act, 2013 1.3.4 Promoters’ Activities 1.4 Legal Position of Promoters 1.5 Duties of Promoters 1.5.1 Fiduciary Duties 1.5.2 Remedies to Company 1.5.3 Termination of Duties 1.6 Liabilities of Promoters 1.6.1 Liabilities Related With Prospectus 1.6.2 Remedies to Subscribers against Promoters Derives his/ her … The Companies Act, 2013 does not contain an exhaustive definition of the term “director”. However, much more interesting is its provisions on independent directors. Section 2 (34) of the Act prescribed that “director” means a director appointed to the Board of a company. Directors role and liabilities 1. The following duties and liabilities have been imposed on the directors of companies, by the Indian Companies Act of 2013, under its Section 166: --- • Section 166(1): A director of a company shall act in accordance with the Articles of Association (AOA) of the company. The 2013 Act also provides statutory recognition to the duties of a director, such as exercise of due and reasonable care, skill, diligence, and independent judgment. LIABILITIES OF NOMINEE DIRECTOR: Liabilities under the Companies Act, 2013: The duties of directors as codified under Section 166 of the Companies Act, 2013 do not distinguish between an executive and a non-executive director; hence, obligates a non-executive director almost on an equal footing as an executive director. Position of Directors in a Company 6. In codifying Directors' Duties, it treads the path charted by the UK Companies Act 2006. Alternate Director: Board may also appoint an alternate director who will act when the original director is not present for a minimum of 3 months, subject to the articles of the company. ROLE A Director is an appointed or elected member of the Board. Powers of the Board of Directors 3. India: Directors’ duties and liabilities under the Companies Act, 2013 Posted on January 9, 2018 In contrast, the potential liability of non-executive directors has increased exponentially under the 2013 act. https://blog.ksandk.com/corporate-commercial/liabilities-and-duties-of-director Rotational Directors : These directors have to retire at the end of their tenure due to rotational retirement mandated as per companies act 2013. No doubt the Indian Companies Act 2013 has extended the frontiers of Company Law. The provisions of Companies Act and the articles of association of the company spell out rights, duties powers and responsibilities of Directors. Liability of Directors 8. 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