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Disclosure o interest

07 April 2015

dear friends,

during financial year 2015-16, first board meeting is to be held on 25th april. asper section 184(1),the director has to give his general notice of disclosure which is to be taken up in board meeting of 25-04-15. I want to know that for giving form MBP-1 by the director, can it be dated any date between 1st april to 25th april 2015 or it should be dated 31-03-2015 as it was in case of Form 24AA.

Thanks and regds.

naresh sakhuja

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2 Replies

P C Agrawal (Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad) (8229 Points)
Replied 08 April 2015

Sec.184(1) requires a director to disclose interest at the first meeting of the Board in the financial year in which he participates as a director. There is no requirement for disclosure at the end of the financial year. It implies that the disclosure should be correct at the date of the meeting. If the declaration is dated 1.4.2015 and there are certain changes in the disclosure upto 25.4.2015, the director will have to give revised disclosure at the meeting. Hence it would be better if it is dated as 25.4.2015.