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Companies Act, 2013

190. Contract of employment with managing or whole-time directors.

1.      Every company shall keep at its registered office,

a.      where a contract of service with a managing or whole-time director is in writing, a copy of the contract; or

b.     where such a contract is not in writing, a written memorandum setting out its terms.


2.      The copies of the contract or the memorandum kept under sub-section (1 ) shall be open to inspection by any member of the company without payment of fee.

3.      If any default is made in complying with the provisions of sub-section (1 ) or sub-section (2 ), the company shall be liable to a penalty of twenty-five thousand rupees and every officer of the company who is in default shall be liable to a penalty of five thousand rupees for each default.

4.      The provisions of this section shall not apply to a private company.

Companies Act, 2013 Back

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