Calls for limiting the liability of independent directors
Samir Sachdeva | July 30, 2010
Corporate India stood strongly behind the chairman of Mahindra & Mahindra, Keshub Mahindra while debating the role, responsibilities and liabilities of independent directors at the ASSOCHAM organized national conclave on corporate governance. The corporate affairs minister, Salman Khursheed made a passing reference to Mahindra in his address while stating that it may not be appropriate to put a person of 85 years of distinguished services for two years in jail. However, he mentioned that the mood in the country was too ugly to debate the issue.
Lalit Bhasin, senior advocate who was on panel in the technical session discussed at length that Mahindra was a non executive chairman and therefore not responsible for the criminal liabilities. He added that the closure of the criminal liabilities was decided by the Supreme Court. Defending Justice Ahmedi, Bhasin said that it was the entire bench which gave the judgment and not just Justice Ahmedi alone.
Speaking on the sidelines of the event corporate affairs Minister while commenting on the retraction of B Ramalinga Raju’s confession statement mentioned that, “Whenever lawyers come in picture, the clients start conducting themselves differently”.
On issue of re-election of Keshub Mahindra as the chairman of the Mahindra & Mahindra group, Khurshid said, "I have no comment. There are legal processes that have to be followed and I think he has competent lawyers”.
Keshub Mahindra is a member of the apex advisory council of ASSOCHAM.
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