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Disclosure of interest

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Querist : Anonymous

Querist : Anonymous (Querist)

14 May 2015 Hi Experts,

In case of Disclosure of interest by foreign director, is it necessary to disclose his or his relatives shareholdings in a foreign Company.

Is disclosure necessary even if he or his relative holds 1 share?

Please clarify.

Thanks in advance.

Pratik Shah

Pratik Shah (Expert)

14 May 2015 No. Form MBP-1 does not require to mention details of relatives.

With regard to shareholding, a director needs to disclose details of his shareholding in a company if he holds 2% or more shares.

Querist : Anonymous

Querist : Anonymous (Querist)

14 May 2015 Thanks for the reply.

Can you please tell me, where it is provided?

Disclosure of holding of more than 2% of shares is required when the director is interested or concerned in a contract or arrangement as per Section 184 (2).
But Section 184 (1), doesn't specifies such percentage of holding.

Please clarify

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