Don't threaten independent directors

We need a revolution in thinking beyond the legalities of board decisions. Good governance is a product of teamwork!

The large-scale resignations of independent directors in 2017 as reported in Business Standard seems a manifestation of the pent-up anxieties that have been building up in the light of the notifications of the Ministry of Corporate Affairs (MCA) about independent directors. Coming in the wake of cases against Nirav Modi and the Rotomac promoters and mounting non-performing assets (NPA) of banks, the authorities seem to pass over the oversight responsibility entirely to independent directors. With extended liability for any untoward happenings in organisations, capable outside directors are more likely to avoid accepting such positions unless they know the promoters very