Hello..
What should be the dates of
1. Form MBP-1 and
2. disclusure under section 164
by the directors?
MBP-1, I think should be dated as on the 1st Board Meeting of the Financial Year.
Is it fine if we get them signed in the first Board Meeting of the financial year, itself?
Kindly let me know.
Thanq
/forum/disclosure-o-interest-324578.asp
According to my view, you should not wait for first meeting of FY.
Because in Audit report, auditor will state Whether any director is disqualified from being appointed as a director under sub-section (2) of Section 164.
Also for reporting related party transaction, auditor will require disclosure in MBP-1.
Sir,
Thankyou for the clarification about MBP-1.
Kindly clarify me on declaration under section 164.
Regards..
Section 164(2)(b) pertains to the disqualification of the director in case a company in which he is a director
i. Has not filed financial statements or annual returns for a continuous period of 3 years OR
ii. Has failed to repay deposits or pay interests thereon or redeem debentures on the due date or pay interest/dividend declared and such failure to pay or redeem continues for 1 year or more.
In case a director was to incur disqualification under section 164(2), then he shall not be eligible to be re-appointed as a director of that company or be appointed in other company for a further period of 5 years from the date on which the company fails to do so
Please clarify me on the date of declaration under section 164.
Yes it is correct
CAclubindia
