Section 45, The Companies (Amendment) Act, 2014

Section 231 of the Companies Act, 2009 is amended byinserting the following new subsections immediately after subsection (6)- “(7) A director shall immediately disclose to members of the company and to directors of the board any conflict between his duty to the company and with his personal interest or his duties to others. (8) Any transaction entered into or proposed to be entered into by a company in which a conflict of interest has been disclosed by a director to members of the Company and to directors of the board shall be published by the directors and notification of the same shall be filed with the Commission.”