The Chairman of a listed company wants to know from you the details required to be entered in the register of contracts in which a director is interested and the requirement of the period of maintaining the said register

Section 189(1) of the Companies Act, 2013 read with Rule 16 of the Companies (Meeting of Board and its Powers) Rules, 2014, requires that every company shall keep a register giving separate details of contracts or arrangements referred to in Section 184(2) and under section 188 in Form MBP-4. The register should contain details of: company or companies or bodies corporate, firms or other association of individuals, in which any director has any concern or interest, as mentioned under sub-section (1) of section 184: However, the particulars of the company or companies or bodies corporate in which a director himself together with any other director holds two percent. or less of the paid-up share capital would not be required to be entered in the register; contracts or arrangements with a body corporate or firm or other entity as mentioned under sub-section (2) of section 184, in which any director is, directly or indirectly, concerned or interested; and contracts or arrangements with a related party with respect to transactions to which section 188 applies. Such register or registers shall be placed before the next meeting of the Board and signed by all the Directors present at the meeting. The register shall be kept at the registered office of the company and the register shall be preserved permanently and shall be kept in the custody of the company secretary of the company or any other person authorised by the Board for the purpose.