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1. What is Form MBP-1? 

Form MBP 1 is used for Notice of interest by the director. Every Director is required by the Companies Act 2013 to disclose his interest in any company or companies or bodies corporate (including shareholding interest), businesses, or other association of individuals by giving written notice to the company in Form MBP-1 at the first Board Meeting of each financial year. It is the responsibility of the Director who gives notice of interest to ensure that it is revealed at the meeting held immediately after the notice is given.

Within 30 days of holding the first Board Meeting, the interest disclosed in a resolution passed by the Board Meeting must be filed with the Registrar of Companies. 

2. Why is it important?

While giving the general declaration of interest, a director must disclose all of his shareholdings in companies. 

This is valid at the time of entering the contract or agreement. There is, however, no exception to the requirement to comply with the requirements of section 184. (1). To determine if any of the directors, individually or in combination with other directors, owns 2% of the company, it is necessary to provide information of the paid-up share capital of every other company's directors, so that they don't mislead the company or business.

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