107. Failure to declare conflicts of interest

Where a public authority in which a public official is a member, director, or employee proposes to deal with a person, company, partnership or other undertaking in which that public official or a relative or associate of such public official has a direct or indirect interest which interest is within his knowledge of that public official shall forthwith disclose to that authority the nature of such interest in the manner as may be prescribed by regulations.

Where a public official or a relative or associate of such public official has a personal interest in a decision which a public authority is to take regarding a person, company, partnership or other undertaking, that public official shall not vote or take part in any proceedings of that public authority relating to such decision.

Any public official who contravenes the provisions of subsection (1) or (2) commits an offence and shall on conviction by the High Court be liable to a fine not exceeding one million rupees or to a term of rigorous imprisonment not exceeding seven years or to both such fine and imprisonment.

The Commission shall specify by way of rules the handling and management of conflict of interest of public officials.