As per Section 184(1) & Rule 9 of the Companies (Meetings of Board and its Powers) Rules, 2014 Every Director shall disclose his concern or interest at the first meeting of the Board held in every financial year in Form No. MBP.1.
Disclosure of interest both in the form of directorship and shareholding in Companies, firms, association of individuals etc is required.
The same shall be filed in Form MGT-14 with the Registrar of Companies within 30 days of the meeting.
Please note that the first board meeting can maximum be held upto 30/06/2014.
Penalty in case of non-compliance:
Imprisonment upto one year or fine which shall not be less than rupees fifty thousand but which may extend to rupees one lakh or with both.
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