https://www.taxtmi.com/article/detailed?id=673 Directors must disclose at a board meeting the nature of any direct or indirect concern or interest in company contracts by general notice that expires at financial year-end and may be renewed; interested directors must not participate or vote on the matter, and non-disclosure attracts penalty. Disclosure is meant to inform directors of interests they do not already know; where directors are mutually aware of each other's interests, further disclosure is unnecessary and ratification precludes later challenge, while ordinary shareholders lack standing to attack board resolutions on disclosure grounds. en-us Wed, 10 Feb 2010 00:00:00 +0530 Wed, 10 Feb 2010 10:30:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=673 Directors must disclose at a board meeting the nature of any direct or indirect concern or interest in company contracts by general notice that expires at financial year-end and may be renewed; interested directors must not participate or vote on the matter, and non-disclosure attracts penalty. Disclosure is meant to inform directors of interests they do not already know; where directors are mutually aware of each other's interests, further disclosure is unnecessary and ratification precludes later challenge, while ordinary shareholders lack standing to attack board resolutions on disclosure grounds. Articles Corporate Laws / IBC / SEBI Wed, 10 Feb 2010 00:00:00 +0530 https://www.taxtmi.com/article/detailed?id=673