Zafar is a partner of the firmElixir Traders, which has been supplying cotton to textile manufacturers for the past decade. Last month, a casual vacancy occurred on the board of directors (‘Board’) of Fine Textile Limited (‘FTL’) a public unlisted company. Zafar, who has been well-known to the other members of theBoard, was appointed to fill the vacancy. Last week, during a meeting of theBoard (‘Board Meeting’), the matter of purchasing cotton fromElixir Traders was discusseD、TheBoard resolved to purchase cotton fromElixir Traders. Zafar voted in favour of the resolution. Now, a shareholder of FTL has objected that Zafar has unlawfully influenced the matter to benefit his own firm and that he should not have been present at theBoard Meeting.Required:Under theCompanies Ordinance, 1984, advise Zafar on the validity of the shareholder’s objections, and the consequences for Zafar of the proceedings at theBoard Meeting. (10 marks)