We updated earlier about the correction in the letter head of the Company in order to comply with the requirement of the Companies Act, 2013. Another thing the company has to be careful about is Disclosure of Director’s interest.
Disclosure of Director’s Interest….
Reason 1: Contravention by a Director may lead to imprisonment extending to 1 year or a fine not less than Rs. 50,000 and extending to Rs. 1,00,000. (This contravention can be compounded only with the approval of the Special Court.).
Reason 2: The Company shall file copy of this Resolution (Disclosure of Interest) with the RoC within 30 days of passing it..
Reason 3: If there is delay in filing the Resolution beyond 270 days, then the Company shall be punishable with fine of minimum of Rs. 5 lacs but which may extend to Rs. 25 lacs and every Officer in Default shall also be penalised with fine of min Rs. 1 lac to Rs. 5 lacs. (The only reprieve is this is a compoundable offence).
Reason 4: The office of a director shall become vacant in case he acts in contravention of the provisions of Section 184 relating to entering into contracts or arrangements in which he is directly or indirectly interested (Sec 167)