Section 94 : Directors to make disclosure in shares

1) If a person, while holding the office of director, acquires title to any shares or debentures of the company or of a company which is a subsidiary or holding company of that company or of another subsidiary company of the holding company, in any manner, that person shall give information as follows on that matter to the company:

(a) Details of his/her title;

(b) Number of shares of each class in the concerned company or another company to or in which he/she has title or interest while holding the office of director and details of amount of debentures of each class.

2) If the following situation occurs, any director of a company shall give written information thereof to the company in which he/she is a director no later than fifteen days after such situation comes to his/her knowledge:

(a) If , for any reason, he/she is going to acquire title to any shares or debentures of the company in which he/she is a director or of a company which is a subsidiary or holding company of that company or of another subsidiary company of the holding company, in any manner , or he/she is going to lose his title;

(b) If he enters into an agreement to sell the shares or debentures, as referred to in Clause (a), held in his name;

(c) If he/she assigns to any other person the authority granted by the company in which he is a director to him/her to subscribe the shares or debentures of such company;

(d) If a company which is a subsidiary or holding company of the company in which he/she is a director or another company which is a subsidiary of such company or other subsidiary of the holding company grants authority to him to subscribe the shareholders or debentures of such company;

(e) If he assigns to any other person the authority to subscribe the shares or debentures or the company as referred to in Clause (d).

3) While forwarding information to the company pursuant to Sub-section (2), such information shall also clearly set out the number of shares or debentures, amount and class thereof.

4) The company shall maintain a separate register to record the information receive pursuant to Sub-section (2) and (3).

5) The provisions contained in this Section shall also apply to the close relative of a director as if such relative were a director.