SFIO chief pulls up independent directors for washing hands of frauds

Keshav Chandra said frauds happen in companies, not just through promoters but a whole group of people who work to achieve the promoter's plan

Serious Fraud Investigation Office Director Keshav Chandra on Thursday criticised independent directors for not being able to prevent corporate frauds.
 
He said reputable independent directors had been on boards of big companies where fraud happened, but they defended themselves, saying they were only independent directors and did not know what was happening in the company.
 
“This is a striking similarity in all these big fraud cases,” Chandra said while addressing a CII conference on corporate frauds. Comparing independent directors and professionals with Greek mythology creatures Myrmidons who were an army of soldiers ready to die at the command