Form 24aa

A director is required to give notice of his interest u/s 299 in a contract or arrangement entered/to be entered by the company.  However, giving notice of general interest in Form 24AA u/s 299(3)(a) is optional  and not mandatory.  However, it is in the interest of director himself to give such general notice since if he by chance omits to disclose his interest in a particular contract through oversight, he will automaticallly vacate his office u/s 283(1)(i).  Proposed director is not required to give such notice until he is appointed as such.