Section 193
Member not to participate in meetings in certain cases.
The Insolvency and Bankruptcy Code, 2016.
About this Act
An Act to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximisation of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders including alteration in the order of priority of payment of Government dues and to establish an Insolvency and Bankruptcy Board of India, and for matters connected therewith or incidental thereto.
Any member, who is a director of a
company and who as such director has any direct or indirect pecuniary interest in any matter coming up
for consideration at a meeting of the Board, shall, as soon as possible after relevant circumstances have
come to his knowledge, disclose the nature of his interest at such meeting and such disclosure shall be
recorded in the proceedings of the Board, and the member shall not take any part in any deliberation or
decision of the Board with respect to that matter.