Board's sanction to be required for certain contracts in which particular directors are interested.

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....mpany or his relative, a firm in which such a director or relative is a partner, any other partner in such a firm, or a private company of which the director is a member or director, shall not enter into any contract with the company___      (a) for the sale, purchase or supply of any goods, materials or services; or      (b) after the commencement of this....

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....ale, purchase or supply of any goods, materials and services in which either the company or the director, relative, firm, partner or private company, as the case may be, regularly trades or does business:           Provided that such contract or contracts do not relate to goods and materials the value of which, or services the cost of which, exceeds fi....

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....te in any year comprised in the period of the contract; but in such a case, the consent of the Board shall be obtained at a meeting within three months of the date on which the contract was entered into. (4) Every consent of the Board required under this section shall be accorded by a resolution passed at a meeting of the Board and not otherwise; and the consent of the Board required under sub-se....