TMI BlogInterested director not to participate or vote in Board's proceedings.X X X X Extracts X X X X X X X X Extracts X X X X ..... be entered into, by or on behalf of the company, if he is in any way, whether directly or indirectly, concerned or interested in the contract or arrangement; nor shall his presence count for the purpose of forming a quorum at the time of any such discussion or vote; and if he does vote, his vote shall be void. (2) Sub-section (1) shall not apply to ___ (a) a private company which is nei ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lue therein as is requisite to qualify him for appointment as a director thereof, he having been nominated as such director by the company referred to in sub-section (1), or (ii) in his being a member holding not more than two per cent of its paid-up share capital;] (e) a public company, or a private company which is a subsidiary of a public company, in respect of which a notifi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e with fine which may extend to [2] [fifty thousand rupees]. -------------------------------------------- Notes:- [1] Substituted by the Companies (Amendment) Act, 1960, Act 65 of 1960, section 107, [ Substituted for consists solely in his being director of such company and the holder of not more than shares of such number or value therein as is requisite qualify him f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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