Section 189 - Register of contracts or arrangements in which directors are interested

Register of directors' interests requires timely disclosure, inspection rights and AGM production, with prescribed exemptions and penalties.

Companies must keep a register of contracts or arrangements recording particulars of transactions in which directors are interested under sections 184(2) or 188; the register is to be placed before the next board meeting and signed. Directors and key managerial personnel must disclose specified particulars within the prescribed period after appointment or relinquishment. The register is to be kept at the registered office, open for inspection and producible at the annual general meeting. Limited exemptions apply for routine low value transactions and ordinary banking bill collection, and noncompliance by a director attracts a prescribed monetary penalty.