If you are director of Pvt ltd company and the other partners did fraud without my consent, how much you are financially responsible?

If you are director of Pvt ltd company and the other partners did fraud without my consent, how much you are financially responsible?

Information 01.09.2017   0 Comments   689  Add to Reading List

According the governing Companies Act 2013 every director would be considered as Officer in default in respect of any contravention or fraud who is aware of such matters .

Will you be held responsible?

No, you may not be held responsible if you can prove the fact that such decisions amounting to fraud were taken without your consent and you had no knowledge about it.

Yes, you may be held responsible if such decisions amounting to fraud were taken with your consent or you were aware about the fraud. Mind it if you had no consent in the matters involving fraud but you were aware about the fraud and didnt take necessary action you would be stil held liable.


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