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of <h1>Section 193: Directors Must Disclose Financial Interests and Abstain from Board Meetings on Related Matters.</h1> Section 193 of the Insolvency and Bankruptcy Code, 2016, prohibits a member who is also a director of a company from participating in Board meetings if they have a direct or indirect financial interest in the matter being considered. The member must disclose the nature of their interest as soon as they become aware of it, and this disclosure must be recorded in the Board's proceedings. The member is then barred from participating in any discussions or decisions related to that matter. This provision has been in effect since August 5, 2016.
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