Urgent -pl. reply -- section 180

This query is : Resolved

Revati Sathe (Querist)
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23 March 2015 Rule 8 of the Companies (Meeting of Board and its Powers)Rule, 2014 was amended on 18.03.2015 and some entries are omitted among them one entry -- " to take note of the disclosure of Directors' Interest and Shareholdings'

My queries

1. Whether this item can be passed by " Circular Resolution " which was not previously allowed , but if passed in Board Meeting -- Filing of MGT-14 was compulsory as per last year ( 1st BM for financial year ) or Filing of MGT-14 not compulsory.

CS Mitesh Mehta

CS Mitesh Mehta (Expert)
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23 March 2015 According to the amendment in Companies (Meetings of Board and its Powers) Rules, 2014 henceforth no need to pass board resolution & to file the same in MGT 14 to take note of the disclosure of director’s interest and shareholding.

However, in terms of section 184 of the Companies Act, 2013 Every director at the first meeting of the Board in every financial year or whenever
there is any change in the disclosures already made, then at the first Board meeting held after
such change, disclose his concern or interest in any company or companies or bodies
corporate, firms, or other association of individuals which shall include the shareholding, in
such manner as may be prescribed.