director without any liability

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UMESH RAVANI (Querist)
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09 December 2008 Please tell me is there any provison are there in comapnies act under which any person become director but without any legal liability, other than liability to the extent of shares only.

please give if yes then under which section.

thanks

CS Vivek Hegde

CS Vivek Hegde (Expert)
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14 December 2008 UMESH

Right now there is no such provision in the companies Act. I hope in future also there wl be no such provisions. Director means the persons who are responsiblr for the operations of the company. Obviously therei s a liability.

Pls note that a director is not under the compulsion to hold any shares.

rgds

Vivek