Definitions/Meaning of “financial interest”

“financial interest” means a situation where ten per cent or more of the total paid-up capital of any firm, company or corporate body is held by any promoter or director, shareholder holding one per cent or more of the shares or the executive director or any member of his or her family or any individual, firm, company or corporate body empowered to nominate a director, whether singly or taken together; and such shall be deemed to be a situation where such promoter or director or shareholder holding one per cent or more of the shares or the chief executive or family member of such person has financial interests in such company or corporate body