Form MBP 1 for Private Companies

MBP- 1 is an attachment to Spice Form (INC 32) in the event of incorporation of a new company. Form MBP-1 has to be placed in the initial Board meeting of a financial year.

1. Applicability

As per Section 184(1) of the Companies Act 2013 read with Rule 9(1) of The Companies(Meetings of Board and its Powers)Rules,2014, every director shall:

• At the first meeting of the board in his capacity as a director and
• At the first meeting of the board held during each financial year or
• At the first meeting held after there is a change in the disclosures disclose his concern/ interest in any company/body corporate/firm/association of individuals, including details of the shareholding in Form MBP 1.

2. Contents of The Notice

• Name of the company/body corporate/firms/association of individuals
• Nature of interest/concern and changes, if any
• Shareholding
• The date on which interest/concern arose or changed
• Place, date and signature of the Managing Director/Director/Secretary or Whole Time Director

3. Penalty for Non-Compliance

The director in default shall be punishable with imprisonment which may extend up to 1 year or with fine which may extend to a maximum of Rs 1 lakh or with both.

4. Preservation of Notice

All notices shall be kept at the registered office, and it shall be preserved for a period of 8 years from the end of the financial year to which it relates. The custody of the notice shall be with the company secretary or any person authorized by the board.