Companies Act, 1956
Section - 305 - Duty of directors, etc., to make disclosure
[Duty of directors, etc., to make disclosure.305. (1) Every director, managing director, [***] manager or secretary of any company, who is appointed to, or relinquishes, the office of director, managing director, [***] manager or secretary of any other body corporate, shall, within twenty days of his appointment to, or as the case may be, relinquishment of, such office, disclose to the company aforesaid the particulars relating to the office in the other body corporate which are required to be specified under sub-section (1) of ; and if he fails to do so, he shall be punishable with fine which may extend to [five thousand] rupees.(2) The provisions of sub-section (1) shall also apply to a person deemed to be a director of the company by virtue of the Explanation to sub-section (1) of when such person is appointed to, or relinquishes, any of the offices in the other body corporate referred to in sub-section (1).]
CAclubindia
