Albinder also wanted me to flip the company to a new jurisdiction—in this case, to Singapore. There were several reasons for this, and contrary to popular perception, tax saving wasn’t one of them. The first was that if the company was based out of India, investors were loath to sit on the board of directors for fear of being dragged into such Rs 500 cases, as in India there is no difference in law between an executive director and other directors in terms of culpability. Anyone filing any case against the company simply had to pick up the names of the directors of the company from the
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