As directors hold a key position, they are bound to comply with the provisions of the companies act. They shall carry out all duties placed upon them by either the act or the articles. The Board of Directors is authorized and responsible for the management of the company in the interests and to achieve the objectives of the company and for representing the company both inside and outside the courts in compliance with the provisions of the Articles of Association. They should deliver an annual report (that includes the financial statement of the Company) after it has been examined by the Board of Commissioners to the General Meeting of Shareholders within 6 months the end of the Company's financial year; They should prepare a business plan, prepare and maintain a Register of Shareholders of the Company. They should archive the resolutions of the Shareholders and Board of Directors of the Company and all other corporate documents. However, a Director will not be personally held liable if he/she can prove that they loss suffered by the Company is not due to his/her wrongful actions or failure to perform his/her duties; he/she has managed the Company in good faith and prudently for the benefit of the Company and in accordance with the purpose and objectives of the Company.

Prachi Garg

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