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Disclosure of directors interest

Gargi Ranade (CS) (410 Points)

16 May 2014

While filing form MGT 14 for disclosing Director interest do we also require to attach / file directors declaration along with the form?

Please

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4 Replies

P C Agrawal (Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad) (8229 Points)
Replied 16 May 2014

As per the Act only Board resolution is required to be attached. However, if ROC asks for attaching declaration also, you will have to attach the same. Alternatively, you can attach it voluntarily as optional attachment.

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Gargi Ranade (CS) (410 Points)
Replied 16 May 2014

Dear sir,

Please let me know whether Director is required to disclose shareholding details of all the Companies wherein he holds the share or only for such companies where he is interested as a Director, partner or member.

Further if director is appointed as member, on Association of person, as a representative of the Company in which he is director , do he need to provide details of such association also ????

Please clarify its urgent.

Dipjyoti Majumdar (CA in service & CS. dipmaj@ rediffmail.com ) (3468 Points)
Replied 16 May 2014

Gargi

The word interest used in section 184 (erstwhile section 299 and 300) means personal interest and not official or other interest. It is not limited to financial interest only and may include interest arising out of fiduciary duties or closeness of relationship. In other words, the interest should be an interest conflicting with duty as director.

Wait for other views.

Thanks