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Disclosure by an independant director

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(Querist)
19 May 2012 Is the Independant Director of an unlisted company liable to submit a declaration to the Board about the nature of transactions entered into with the other companies in which he was a common director? Whether such transactions include claim for reimbursement made by one company to the other?

C.S. A.K.Maitra
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Ajay Mishra

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Ajay Mishra (Expert)
20 May 2012 Hi


Yes, it is required to disclose the interest of Independent director in other company ans such disclosure will be placed before the Board for taking into account .
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