(1) A member shall attend all the meetings of the Authority, save where leave of absence has been sought and the same has been granted by the Chairperson or the presiding member; such leave of absence shall be recorded in the minutes of the meeting.
(2) Notwithstanding anything contained in sub-regulation (1), if any member, who is 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 Authority, he shall, as soon as possible after relevant circumstances have come to his knowledge, disclose the nature of his interest at such meeting and 10 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4] such disclosure shall be recorded in the proceedings of the Authority, and the member shall not take part in any deliberation or decision of the Authority with respect to that matter.
Explanation.- The expression “direct or indirect” referred to in this sub-regulation shall include any concern or interest of a member either by himself or through his relatives within the meaning of definition of section 6 of the Companies Act, 1956 (1 of 1956) or by reason of being director or partner of that entity.