Amendment status not verified — confirm the current text below against the official source.
(1) If the Board has entered into or is considering entering into any contract or Non-participation of a member if he agreement with any firm or company in which a member holds any share or holds interest in any firm, etc. interest, he shall disclose the fact and nature of such interest and he shall not be entitled to participate in any decision of the Board relating to such contract or agreement. (2) Every disclosure referred to in sub-section (1) shall forthwith be recorded in the minutes and communicated to the Government, and the Government may thereupon give such direction as it may deem proper. Disqualifications of Director other than the Managing Director