Section 299 (6) Companies Act, 1956:
When not applicable:
Sub section (6) exempts contracts or arrangements entered between two companies where the interest of any Director of one company in the other does not exceed a shareholding of 2 percent of the paid up capital of the other.
When applicable: It is advisable to disclose the interest always when contracts or arrangement between if director/shareholder exist in both the transacting company.
Section 305 Companies Act, 1956:
Duty to disclose other directorship to the company within 20 days of any change in positions held is applicable to both private and public company
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