https://www.taxtmi.com/acts?id=15619 Directors must disclose their concern or interest in companies, bodies corporate, firms or associations at the first board meeting they attend and annually thereafter or when a change occurs; directors with an interest in a contract under consideration must disclose the nature of that interest and refrain from participating in the meeting. Contracts made without proper disclosure or with the interested director's participation are voidable at the company's option, and failure to comply attracts criminal sanction while other legal restrictions and specified inter company exceptions remain preserved. en-us Wed, 21 Dec 2011 18:48:35 +0530 Wed, 21 Dec 2011 18:48:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=15619 Directors must disclose their concern or interest in companies, bodies corporate, firms or associations at the first board meeting they attend and annually thereafter or when a change occurs; directors with an interest in a contract under consideration must disclose the nature of that interest and refrain from participating in the meeting. Contracts made without proper disclosure or with the interested director's participation are voidable at the company's option, and failure to comply attracts criminal sanction while other legal restrictions and specified inter company exceptions remain preserved. Act-Rules Bills Wed, 21 Dec 2011 18:48:35 +0530 https://www.taxtmi.com/acts?id=15619