Directors' Role and Responsibilities under the Light of New Amendment Act of Company Law

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Author(s): Saroja V. B. N. H. Achanta (GITAM University, India)and Radhika Raavi (GITAM University, India)
Copyright: 2017
Pages: 18
Source title: Ethics and Sustainability in Global Supply Chain Management
Source Author(s)/Editor(s): Ulas Akkucuk (Bogazici University, Turkey)
DOI: 10.4018/978-1-5225-2036-8.ch009

Keywords: Business & Management / Business Science Reference / Operations and Service Management / Supply Chain Management

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Abstract

The chapter focuses on the key changes the roles and duties of Directors and Independent Directors under the light of New Amendment Act, 2013 of the Companies Act, 1956. This chapter analyzes the role of Directors / Independent Director by comparing the two major Companies Act 1956 and Companies Act 2013. Company Act 2013, is an initiation for better corporate governance, increasing levels of transparency and enhance the corporate and auditor's accountability. New Amendment Act of 2013 is a good legislative attempt by the Government. The following points are focused for the first time in this New Act, 2013. Duties of Directors are defined and Role of Independent Directors is defined. The Board has to take the precautions to implement proper systems and to ensure that all the compliance with the provisions of all the applicable laws which were adequate and operating effectively. As per the provisions of the New Act, 2013 the maximum number of Directors can be appointed are 15 with a special resolution, can be increased more than 15. Made provision for women Director.

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