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Case Study: Inge Martins is one of the Directors of Blackcurrant (Pty) Ltd. Blackcurrant (Pty) Ltd is a manufacturer and supplier of iced teas and juices and is situated in Germiston. The iced teas and juices are bottled in glass containers and supplied to restaurants andcafés across South Africa. During a Directors' meeting, Inge Martins and the rest of the Directors discussed a possible contract with a new glass bottle supplier, Millennium Glass (Pty) Ltd. Inge Martins owns 25% of the ordinary shares in Millennium Glass (Pty) Ltd and has not disclosed this fact to the rest of the Blackcurrant (Pty) Ltd Board.
Questions:
4.1 Identify, in terms of the Companies Act 71 of 2008, whether Inge Martins is required to disclose the shares she holds in Millennium Glass (Pty) Ltd to the rest of the Board of Blackcurrant (Pty) Ltd. (Give good explanations)
4.2 Provide all the information that needs to be disclosed in terms of the personal financial interest of a Director in terms of the Companies Act 71 of 2008.
4.3 With reference to the requirements of the Companies Act 71 of 2008, discuss the possible consequences for Inge Martins if she does not disclose the interest she holds in Millennium Glass (Pty) Ltd.
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