The changes with respect to directors declaration under the new Companies Act are as follows :
Section 274 (1) (g): declaration of director now not restricted to a public company:
Under the previous act the director had to give a declaration that he is he is not the director of a public company which has not filed annual return for 3 continuous financial years and has not failed to repay the deposits but under the new companies act, 2013 the director has to give the same declaration with respect to any company. The words public company has been replaced by company
Status: New section 164(2), not notified
Section 299: The following are the changes :
1) Time for making disclosure: Under the new companies act the disclosure regarding interest in contracts and arrangement has to be made by any director at first meeting of board when he becomes director and 1st meeting of the board in every financial year or where there is a change in disclosure. Earlier the disclosure was made at the board meeting when the contract or arrangement was considered or in other cases at first meeting of the board after the directors becomes interested in any contract or arrangement
2) Penalty: The penalty earlier for not complying with the provision earlier fine upto 50 thousand now the penalty is imprisonment for 1 years or fine which may extend from 50 thousand to one year.
3) Format of Form 24AA has changes. Now the form is Form 12.1
4) The notices given by directors have to be preserved for a period of 8 years from the financial year in which they are given at the registered office address of the company in the safe custody of the secretary of the company or any person so appointed by the board (New Requirement Chapter XII, Rule 12.7)
Status : New Section 184, not notified