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The Stakeholder Approach towards Directors’ Duties under Indian Company Law

Drawing upon the experience of other countries, above all, of the United Kingdom, this chapter examines in detail the nature and content of the duties of the director of a company under Section 166(2) of the Indian Companies Act. Their principal thesis is that while at a superficial level Section 166(2) extensively encompasses the interests of non-shareholder constituencies in the context of directors’ duties and textually adheres to the pluralist approach, a detailed analysis based on an interpretation of the section and the possible difficulties that may arise in its implementation substantially restrict the rights of stakeholders in the companies, although it does not makes the legal position in Indian altogether different from the ‘enlightened shareholder value’ model followed in the United Kingdom.