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Time period for giving mbp-1 after a change in interest

Geetha Gupta (Accountant) (325 Points)

20 April 2017

Dear all,

i read somewhere that whenever a change in interest occurs, it has to be disclosed within 30days of such change through MBP-1. This means a person should not wait till the next board meeting after the change to give the MBP-1 for the change.

But the noting for the receipt of the MBP - 1 will be done in the first board meeting after the change

Is it so?

Regards

Geetha

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5 Replies

Smruti (CS&CA) (79 Points)
Replied 20 April 2017

Hi,

Correct me if I am wrong. As per section 184(1) of Companies Act, 2013, whenever there is any change in the disclosure aleady made by the director, then at the first Board meeting held after such change, shall disclosure the nature of his interest. Nowhere it is mentioned that within 30 days of change they have to disclose. MBP-1 shall be submitted any time before the board meeting after such chang, further board shall take a note of it passing a resolution in that respect.

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Geetha Gupta (Accountant) (325 Points)
Replied 20 April 2017

Thanks Smruti ji for this clarification.

I just found out - this time limit is only when a director or KMP is appointed or relinquishes the post - sec 189(2)

Regards,

Geetha

Jatin Bajaj (CS) (2930 Points)
Replied 21 April 2017

As per the provisions of section 184(1), whenever there is change in the existing disclosures of directors such change in disclsoure shall be made within 30 days of change and it shall be submitted before the next Board meeting in form MBP1 . And such disclosures shall be noted in the next Board Meeting .

CS Ankur Srivastava (Company Secretary & Compliance Officer) (17853 Points)
Replied 22 April 2017

Originally posted by : Jatin Bajaj
	As per the provisions of section 184(1), whenever there is change in the existing disclosures of directors such change in disclsoure shall be made within 30 days of change and it shall be submitted before the next Board meeting in form MBP1 . And such disclosures shall be noted in the next Board Meeting .

correctly pointed out... Fully Agree.

2 Like

Law Aspire (CS) (755 Points)
Replied 26 April 2017

Originally posted by : CS Ankur Srivastava
	Originally posted by : Jatin Bajaj As per the provisions of section 184(1), whenever there is change in the existing disclosures of directors such change in disclsoure shall be made within 30 days of change and it shall be submitted before the next Board meeting in form MBP1 . And such disclosures shall be noted in the next Board Meeting . No where it is mentioned about 30 days period . from where the same has been taken? correctly pointed out... Fully Agree.