Section 299

Yes, under section 299 directors are required to disclose their interest in other Companies as Director or Shareholders in general notice in the last month of the financial year.

Mr Srivastava sir

One Question

Director discloses his interest as director in other Companies is fine I think is it for the reason for sec 253 i.e he cannot be a director in more than 15 companies 

But why director should disclose himself as share holder in other companies may i know a little bit more 

I am not an expert like You but have an inclination to learn  please reply

Dear Sivaram,

It is for the disclosure of interest of director in other body corporates. So that if the company enter into contract to those companies, it should be in the notice of company and other directors that Mr...... has interest by way of director or shareholder in that company, he may get befifit with that contract. This is the basic concept of disclosure of interest by way of general notice.

Under general notice Directors inform to the company that i have interest in the following companies and  if the comapny enter into any contract with those companies i will be treatd interested and the notice shall be treated as sufficient disclosure of  the interest.

Thank you srivastava sir for the reply given 

You are welcome Sivaram ji....

@ all you can view form-24AA at the aforesaid website

https://www.vakilno1.com/forms/companylaw/Companyforms-24AA.htm

Thanks Ankur, Sivaram and Prashanth for your active participation....

member of body corporate means member in any entity different from company which is incorporated under Companies act 1956

Thanks Charu.... Its my pleasure.