What is Fiduciary
In the sphere of business and beyond, the delegation of tasks to others is a fundamental strategy to enhance focus on core competencies. This dynamic gives rise to the principal-agent relationship, wherein the agent assumes responsibility for advancing the welfare of the principal, prioritizing the principal's interests over their own. This fiduciary duty underscores a bond of trust and integrity that are similar to the relationship between a client and a professional.
Echoes of such fiduciary relationships reflect throughout ancient epics like the Ramayana, where instances are plenty. One notable example is the unwavering loyalty and duty of Lord Bharatha towards his brother, Lord Rama. Bharatha's commitment to his brother's rightful claim to the throne is so intense that he stands ready to sacrifice his own life if the reins of power are not returned to Rama. Fiduciary relationship propels Lord Rama to swiftly intervene with his decisive action, depicted vividly as "air dashing," underscores the urgency with which he seeks to rectify any potential breach in the trust and duty that bind them.
This mythological narrative serves as a timeless reminder of the ethical principles underlying fiduciary duty, emphasizing honor, integrity, and loyalty in positions of authority or leadership.
CA L.Muralidharan and CPA L.Mukundan
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