I know some big and famous names – people who are likely to be offered the position of being an independent director. Well, well, if you are not a CA or a lawyer this is a huge ego trip. It feels awesome to wear a suit, perfume, and go to a 5 * hotel for the meeting or after the meeting. There could be press coverage, fees and social status – where your wife, mother, daughter..proudly says ‘my xyze…is on the board’.
Only thing is I was offered this about 4 times, and I politely declined all the 4 times. Then it stopped coming. Sigh. No more denial pleasures. Funny how the human mind works. You do not want it, but you you want it offered so that you can say NO.
Lets look at the implications:
- you are responsible for timely payment of loans
- Company law does not distinguish between part time /full time /independent / directors
- you are responsible for pollution problems
- you are responsible for internal audit happening / not happening
- you are responsible for tax deduction and it being deposited in the account on the due date
- you are CRIMINALLY responsible for many more acts of omission and commission
with all this do you really want to be a director? When companies go to the dogs the same people come and say ‘I was only an independent director’. This is SHAMEFUL.
You had no business at all to have joined a company’s board if you did not know what it means. If you did not know about all your duties as a director you had no business being a director. If you knew what was happening and did NOTHING about it, you are an idiot and a pretty stupid idiot at that.
IT IS NOT AT ALL EASY BEING A director or an auditor. There are onerous duties..but when it comes to meeting the bankers because the main promoter ran away or committed suicide…you pay a price..a bloody pretty price. Go on, have fun
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