Form No. 24AA Notice By The Interested Director


 Disclosure of interests by director

Sec. 299 of the Companies Act, 1956  provides that every director of a company who is in any, whether directly or indirectly, concerned or interested in a contract or arrangement on behalf of the company shall disclose the nature of his concern or interest at a meeting of the Board of Directors. For this purpose a general notice shall be given by him to the Board of Directors. Any such general notice shall expire at the end of the financial year in which it is given, but may be renewed for further period of one financial year at a time, by a fresh notice given in the last month of the financial year in which it would otherwise expire.  Every director who fails to comply with shall be punishable with fine which may extend to fifty thousand rupees.

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