Director disclosure u/s 184(1)
This query is : Resolved
28 May 2014
According to Sec 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.
Query 1: If Mr. X is a director in Company ABC and he hold shares in 50 listed companies and other companies, then Is he required to make disclosure in MBP-1?
Query 2: Mr. P son of Mr. X holds 15% shares in PQR (Not relation with XYZ) and some small shareholding in other companies, such interest shall also include under MBP-1?
The word "any Company" used u/s 184(1) has any interpretation?
Please clarify...
Query 1: If Mr. X is a director in Company ABC and he hold shares in 50 listed companies and other companies, then Is he required to make disclosure in MBP-1?
Query 2: Mr. P son of Mr. X holds 15% shares in PQR (Not relation with XYZ) and some small shareholding in other companies, such interest shall also include under MBP-1?
The word "any Company" used u/s 184(1) has any interpretation?
Please clarify...
28 May 2014
Reply to query 1: yes
Reply to query 2: My view is that indirect disclosure need to be given in general disclosure u/s 184(1). However, in this case when Mr. P or company PQR enters into any contract with company XYZ, disclosure will be necessary and Mr. X will not participate at such meeting.
Section 184(1) is w.r.t "his concern or interest in any company", means only direct interest of director concerned.
Reply to query 2: My view is that indirect disclosure need to be given in general disclosure u/s 184(1). However, in this case when Mr. P or company PQR enters into any contract with company XYZ, disclosure will be necessary and Mr. X will not participate at such meeting.
Section 184(1) is w.r.t "his concern or interest in any company", means only direct interest of director concerned.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting our of sec 44AD
- GST Treatment of Insurance Commission for Existing GST Holder
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- Copyright software
- Value of property in capital gain
- Regarding appeal to GSTAT
- Form 121 & TDS deduction
- Transporter Declaration form
- Regarding TDS Applicability For Director Remuneration
- Multiple trade mark
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
