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HatchLegal
You Build the Dream,...Ā ā¢Ā 7m
šš¢š«ššššØš«š¬, šš šš«šØšššš¢šÆš! šš§š¬š®š«š ššØš®š« ššš-1 š š¢š„š¢š§š š¬ šš«š š¢š§ šš«ššš« Transparency and accountability are pillars of good corporate governance, and ššššš¢šØš§ 184(1) šØš šš”š ššØš¦š©šš§š¢šš¬ ššš, 2013 ensures directors uphold these principles. Alongside this, šš®š„š 9 šØš šš”š ššØš¦š©šš§š¢šš¬ (ššššš¢š§š šØš ššØšš«š šš§š š¢šš¬ ššØš°šš«š¬) šš®š„šš¬, 2014 mandates that every director disclose their concerns or interests in other companies, bodies corporate, firms, or associations of individuals (including shareholdings) through a written notice in š šØš«š¦ ššš-1. šš”šš§ šš”šØš®š„š šš¢š«ššššØš«š¬ š š¢š„š š šØš«š¦ ššš-1? 1. At the first board meeting they attend as a director. 2. At the first board meeting of every financial year. 3. At the first board meeting after any changes in their interests or shareholding. šš”šš ššš©š©šš§š¬ š¢š ššØš® š šš¢š„ ššØ ššØš¦š©š„š²? Non-compliance can be costly! Recently, the Registrar of Companies (Punjab & Chandigarh) imposed penalties totaling ā¹5,00,000 on five directors of a company for failing to file Form MBP-1 over two financial years. Each director was fined ā¹1,00,000 for not adhering to the disclosure requirements. šš”š² šš¬ šš”š¢š¬ šš¢š¬šš„šØš¬š®š«š šš¦š©šØš«ššš§š? 1. To ensure transparency in decision-making and dealings. 2. To avoid conflicts of interest between a directorās personal interests and the companyās welfare. 3. To maintain statutory compliance, as these disclosures must be recorded and preserved at the companyās registered office for 8 years. ššØš° Hatch Legal ššš§ ššš„š©? At Hatch Legal, we specialize in ensuring startups and directors remain compliant with corporate governance regulations. From helping you assess and disclose your interests to maintaining statutory records, we ensure your company operates with clarity and within the law. šš«šØ šš¢š© ššØš« šš¢š«ššššØš«š¬: 1. Regularly evaluate your involvement in other entities and update your disclosures in Form MBP-1. 2. Remember, compliance isnāt just a legal formalityāit builds trust and credibility among investors, partners, and stakeholders. 3. Donāt let an oversight cost your reputation or your pocket. Letās work together to ensure your startupās compliance is watertight.
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