Contracts with Managing Director or whole time director. 1- - TopicsExpress

Contracts with Managing Director or whole time director. 1- Every company shall keep copy of Contracts with Managing Director or Whole Time Director. The contract must be in witting but in case the contract is not in writing, it must be a memorandum which shows terms and conditions of such contract. 2- The member has right to inspect such contract without making payment of fee. 3- In case of default is made, the company shall be penalize up to Rs. 25000/- and every officer of the company shall be penalized up to Rs. 5000/- of each default 4- This Section shall not applicable on Private Company (Clause 190 of new Companies Bill, 2012)

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