Interested director not to participate or vote in Board's proceedings.

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... to, 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 neither a subsidiary nor .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... intment 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 notification is issued under sub-section (3), to the extent specified in .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ------------------------------------- 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 for appointment s director thereof, he having been nominated as such director by the company ref .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X