Companies Act Section 190: Contract of employment with managing or whole-time directors.

THE COMPANIES ACT, 2013

ACT NO. 18 OF 2013

COMPANIES ACT 2013 SECTION 190 CHAPTER XII

MEETINGS OF BOARD AND ITS POWERS

 

Contract of employment with managing or whole-time directions.— (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.

Tags: companies act 2013 section 190 CHAPTER XII, companies act 2013, companies act chapter xii, company act section 190, contract of employment with managing or whole-time directors.



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