Register of Directors' holdings in Shares and Debentnres. Under the Companies Act, eYers company has to maintain a register of particu ars about the shares and dcbentnres held by directors in the company, its holding company or its subsidy company Specially, it is required that the nature and extent of any interest or right in or over any shares or debentures recorded in relation to a director in the same register shad 1, if he so required, be Indicated in the register Forputposes of this record, anybody in accordance Pith whose direction the Board of a company is accustomed to act is to be treated as a director Further. a director will be deemed to hold or to have interest in or right over the shares and debentures of a company if any other company holds them or has interest or rights in or over them, and either the company or Its f o trd of Directors isaccustotned to actin accord. nce vit.t his directions or instructions: or he is entitled to exercise or control the exercise of oneb ti rd or more of tltc IoLtl voting power exercisable at any general meeting of that company Every director of a company nnust give notice in writing of purchase or sale of shares to ihe compiler so that the register can be kept If p to date
218 'S: sECRETARIAL PRACTICE
The register must be kept open for inspection by= meal
debentureholders for a period of 17 clear days 14 days before Oh- Egenernl meeting and three days after it (excluding Satmdays Sunday public holidays). The Registrar or the Centml Government can also call fur a copy of the register or an part of Register of Contracts in which Directors are interested Th
Companies Act 'reqmres that tile follow ing particulars regarding contracts ninth other concerns in which directors of a company ale interested, should be recorded in a separate tegfstei:
(b) The name of the parties to such contracts or arrangements; I: (c) Theprmcipaiiermsandcondittonsthereof
(d) The date when a contract of this type was placed before the Board
(e) The names oFdirect Drs'voting for and against the contract and of tboseremainfngnetitral
The register must also specify. in relation to each director, flee names of tltC firms and companies of which notice has been given by him under Sec. 299(3) [Alec.