The director and managing director of the Corporation shall not be a partner in any contract with the Corporation.
Provided that, immediately when each director or the managing director knows that he or she has directly or indirectly any concern in any contract made by or proposed to be made by the Corporation or any
contract made by or proposed to be made by any subsidiary body of the Corporation and submitted to the Board of Directors for its consideration, such a director or managing director shall disclose the matter to the meeting of the Board as soon as possible. The matter so disclosed shall be recorded in the minutes, and the concerned director shall not take part in any deliberations or decisions made by the Board in relation to that contract.