Nominee directors of IL&FS cannot be absolved of accountability: Experts

In the midst of the blame game over the performance of the sacked board of the beleaguered infrastructure finance behemoth, IL&FS, eyebrows are being raised on the role of the nominee directors.

None of the six nominee directors— who represent the five shareholders in IL&FS — are named as respondents in the government’s appeal before the National Company Law Tribunal (NCLT). Further, the nominee directors are not subject to the ongoing investigation by the Serious Fraud Investigation Office (SFIO) in the affairs of the company.

So, why were the nominee directors let off the hook, when the erstwhile board was considered incompetent