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LIC of India has incorporated a 100% subsidiary company with paid up capital of 1 crore divided into 10 lacs shares of rs 10/- each. In order to ensure 7 minimum members for public company, one share of Rs 10/- each were allotted to 6 employees of LIC who acted as nominee shareholder on behalf of LIC. Two of them are also directors of the company. My question is while giving disclosure of interest in MBP-1, is the director required to mention that one share held by him in the Company as he has no beneficial interest in that share. Regards.

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Posted By: Naresh 9 year(s) ago

This question has been closed if you want to answer,you have to re-open.


Expert    Ankit Singhi

In our opinion it is not necessary

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