Re-upped Round up June 29 Shardul Shroff on non-executive directors CCI Judges flying Economy Class Calcutta High Court Baxi and Justice AP Shah

The Economic Times reports on the non-executive directors failing to prevent wrongs, are liable. Views of Managing Partner of Amarchand & Mangaldas, Shardul S. Shroff, “The three categories of executive directors, promoter directors or non-executive directors have different roles and therefore different responsibilities and liability in corporate law.”.The Economic Times reports on the non-executive directors failing to prevent wrongs, are liable. Views of Managing Partner of Amarchand & Mangaldas, Shardul S Shroff, “The three categories of executive directors, promoter directors or non-executive directors have different roles and therefore different responsibilities and liability in corporate law.” The Executive has the primary role, responsibility and liability for compliance, the Promoter can be a non-executive director and can protect the shareholder stake by ensuring proper application and use of funds. The Non-Executive is “a flower vase director,” he balances the conflict of interest arising from the pecuniary and managerial interests. Shroff, adds on to say “The principle of collective responsibility seeks to weld diverse conflicting interests by forging equal liability on all board members. This is an aberration. An executive director, a promoter director and an ordinary director do not have the same level of responsibilities and consequently should not have the same degree of liability. The SCRA, the SEBI Act and the Companies Act have introduced liability even for ordinary directors.” He says, “Non-executive directors have to perform these vital duties and functions and observe the standard of corporate governance and they are not excused for failure of discharging their statutory duties.”.The Business Standard reports, the corporate houses are keeping the CCI (Competition Commission of India) busy with questions pertaining to the insistence of the use of the ISI mark, leads to abuse of a dominant position? An adverse TV rating of a newly released movie is seen as anti-competitive? The CCI is also dealing with collusion and abuse of dominant position charges raised by multiplexes against film producers and also regarding the alleged cartelisation of travel agents in air ticket bookings..The Times of India reports on the austerity drive covering Judges. Recently, Delhi High Court Judge, Justice Vikramjit Sen and his staff were given economy class tickets instead of business class for a conference citing ‘air travel restrictions,’ taking place in Chandigarh on October 31, 2009. The Department of Revenue and Finance Ministry replied in response, “The Department of Expenditure has advised that air travel restrictions are applicable in case of Judges, as well.”.Express India reports Bar Association freezes ceasework plan after talks with new Chief Justice. The Bar Association of the Calcutta High Court has decided to resume work from today and has put off their prior plans of ceasing to work till Friday, after meeting the new Chief Justice J.N Patel who has initiated an inquiry into the incident which happened on June 24 inside the High Court. The incident made the Registrar General call the police who in turn evicted advocates from a court room..The Calcutta High Court, set up in 1872 is soon going to be renovated at an estimated amount of Rs. 20 crore ($ 4.2 million)..The Alternative Law Forum, celebrated its 10th Anniversary. The anniversary was attended by former Chief Justice of the Delhi High Court, Justice AP Shah and Professor Upendra Baxi. The transcript of their speech is available here.

Re-upped Round up June 29 Shardul Shroff on non-executive directors CCI Judges flying Economy Class Calcutta High Court Baxi and Justice AP Shah

Related Stories