Larry is a director of Ultrasports Ltd, a sporting goods retailer. The company wants to open an outlet at the new shopping centre in Orchard Road. It aims to be the largest sporting goods outlet in Singapore. The company needs to engage the services of an interior designer to do the concept design for the new outlet. Larry’s nephew, Sim, is a well-known award-winning interior designer. Larry would like to propose that the design contract be awarded to Slick Designs Pte Ltd, the interior design company of which Sim is the major shareholder.Required:Discuss whether Larry would be in breach of his duties as director if he proposes that Sim be awarded the contract at the next directors’ meeting and the consequences of such a breach. (10 marks)