Rs 6-billion IDBI Bank-Aircel fraud case: Lens on independent directors

According to legal experts, these individuals may continue to hold office until investigative agencies file a prosecution charge against them

The case filed by the Central Bureau of Investigation (CBI) in connection with the Rs 6-billion IDBI Bank-Aircel fraud case has again put a spotlight on independent directors (IDs), supposed to important gatekeepers of corporate governance at listed entities.

Individuals serving as IDs on boards of listed companies have been named in the CBI’s First Information Report (FIR). Sources say the companies in question could be considering their ouster.

The FIR was registered against former Aircel promoter C Sivasankaran and his company’s executives. The agency also booked 15 senior executives, current and former, of IDBI Bank. Besides IDs, some are