All directors other than promoters can't be deemed as willful defaulters; RBI's master circular is a

CL : Reserve Bank of India was within its powers to issue RBI Master Circular DBOD No.CID-BC 1/20.16.2003/2011-12, dated 2-7-2012 relating to wilful default and wilful defaulters -Master Circular does not suffer from vice of impermissible delegation of a legislative power. It confirms exactly to power granted - Master Circular has force of law and could be termed as a statutory circular