Disclosure by directors

As per Section 165 of the Company Act 2013

• Limit of directorship has been increased – 20 Companies (Max 10 Public Co.)

• Now private companies included in this limit (earlier private companies not considered for calculation of limit)

• One year period (till 31/03/2015) given to comply with the limits and if any director has any contravention he has to intimate to ROC his choices of directorship he want to retain and details of Companies from which he has resigned (we will have to forms to be notified in this regard by MCA)

Also as per Section 184

• Notice has to be given by Director in Form MBP 1 in the first Board Meeting of every year  disclosing his concern or interest in any company or companies or bodies corporate (including shareholding interest), firms or other association of individuals

Apart from the above two provisions, in our view there is no other requirement for disclosure by directors.

Hope your query is addressed.

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The Company Law Desk