Interested director not to participate or vote in Board's proceedings.

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.... be entered into, by or on behalf of the company, if he is in any way, whether directly or indirectly, concerned or interested in the contract or arrangement; nor shall his presence count for the purpose of forming a quorum at the time of any such discussion or vote; and if he does vote, his vote shall be void. (2) Sub-section (1) shall not apply to___      (a) a private comp....

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....sp;  (i) in his being a director of such company and the holder of not more than shares of such number or value therein as is requisite to qualify him for appointment as a director thereof, he having been nominated as such director by the company referred to in sub-section (1), or           (ii) in his being a member holding not more than two per ....

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....eptions, modifications and conditions as may be specified in the notification. (4) Every director who knowingly contravenes the provisions of this section shall be punishable with fine which may extend to [2][fifty thousand rupees].     -------------------------------------------- Notes:- [1] Substituted by the Companies (Amendment) Act, 1960, Act 65 of 1960, section 107, [Substitu....