Companies Act, 1956
Section - 300 - Interested director not to participate or vote in Board’s proceedings
Interested director not to participate or vote in Board’s proceedings.300. (1) No director of a company shall, as a director, take any part in the discussion of, or vote on, any contract or arrangement entered 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— (a) a private company which is neither a subsidiary nor a holding company of a public company; (b) a private company which is a subsidiary of a public company, in respect of any contract or arrangement entered into, or to be entered into, by the private company with the holding company thereof; (c) any contract of indemnity against any loss which the directors, or any one or more of them, may suffer by reason of becoming or being sure .... To read the full section download the app from Google Play store
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