Filing of MBP-1

[RAVI SONI]

In case of filing of Form MBP-1 with E-Form MGT-14 in 1st Board Meeting is it necessary to mention the details of the companies which are incorporated outside India in which the director of Indian company is presently having any type of interest(i.e. director or shareholder).

AI Summary

Directors must disclose interests in foreign companies per Section 184; MBP-1 details not needed in MGT-14 filing. A query was raised about whether it is necessary to mention details of foreign companies in which an Indian company's director has an interest when filing Form MBP-1 with E-Form MGT-14 during the first board meeting. One response suggested mentioning these details to avoid potential litigation, while another clarified that it is not necessary to file a copy of MBP-1 with MGT-14, only a certified true copy of the board resolution. However, it is mandatory to disclose interests in foreign companies as required by Section 184.