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Ignorance of the law excuses no one
Normally , the banks or other financial institutions give huge loans to the companies and inorder to protect there interests they nominate their Directors on the Board of Companies. These directors are called nominee Directors and the function of these Directors is to safe guard the financial interest of the institution who nominated them and to ensure that no decision is taken by BoD which goes against the financial institution. Such Directors are not considered responsible for the business of the company .