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The Companies Act, 2013

Chapter XII - Meetings of Board and Its Powers (173-195)

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

[Notification Date: 26.03.2014; Effective from: 01.04.2014]

Section 190- Contract of employment with managing or whole-time directors. [Corresponds to Section 302 of the Companies Act, 1956]

(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.