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of <h1>Directors Must Disclose Shareholdings Under Section 308 of Companies Act 1956; Non-Compliance Leads to Penalties.</h1> Section 308 of the Companies Act, 1956 mandates that directors and individuals deemed directors must disclose their shareholdings to the company. This disclosure must be in writing and, if not presented during a Board meeting, must be brought up at the next meeting. Non-compliance can result in up to two years of imprisonment, a fine up to fifty thousand rupees, or both. This requirement ensures transparency and enables the company to adhere to relevant legal provisions.
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