Form MBP 1 for Private Companies
Updated on: Oct 31st, 2023
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3 min read
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.
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.
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
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.
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.
Disclaimer: The materials provided herein are solely for information purposes. No attorney-client relationship is created when you access or use the site or the materials. The information presented on this site does not constitute legal or professional advice, and should not be relied upon for such purposes or used as a substitute for legal advice from an attorney licensed in your state.
Quick Summary
Form MBP-1 is to be presented in the initial Board meeting of a financial year, disclosing any director's interest in other companies. Penalties for non-compliance and the preservation duration of notices are outlined. Disclaimer clarifies the materials provided are for informational purposes.
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