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1. What is Form MBP-4? 

MBP 4 is the format of the register that must be kept for documenting the directors' declarations as well as information about related parties. Every Company is required to keep one or more records, which contains all the particulars as may be specified in the regulations, providing separately of all contracts or agreements to which sub-section (2) of Section 184 or section 188 applies, and after entering the particulars, such register or registers shall be put before the next meeting of the board and signed by the directors, because the approval is required. 

2. Why is it important?

It is important because to make MBP-4 because, if a director or other employee enters into a contract or arrangement without the Board's consent or approval by a resolution in a general meeting u/s 188(1), and the contract or arrangement is not approved by the Board or, as the case may be, by the shareholders at a meeting within three months of the date on which the contract or arrangement was entered into, the contract or arrangement is void.

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