Disclosure of interest by director.184. (1) Every director shall at the first meeting of the Board in which he participates as a director and thereafter at the first meeting of the Board in every financial year or whenever there is any change in the disclosures already made, then at the first Board meeting held after such change, disclose his concern or interest
in any company or companies or bodies corporate
, firms, or other association of individuals which shall include the shareholding, in such manner as may be prescribed
.
(2) Every director of a company who is in any way, whether directly or indirectly, concerned or interested in a contract or arrangement or proposed contract or arrangement entered into or to be entered into-
| (a) | - | with a body corporate in which such director or such director in association with any other director, holds more than two per cent shareholding of that body corporate, or is a promoter, manager, Chief Executive Officer of that body corporate; or |
| (b) | - | with a firm or other entity in which, such director is a partner, owner or member, as the case may be, |
shall disclose the nature of his concern or interest
at the meeting of the Board in which the contract
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