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

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....red into, or to 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^___    &nbsp....

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....p;       (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....

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....l apply thereto subject to such exceptions, 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) A....