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Section 190 of the Companies Act 2013: Contract of Employment with Managing or Whole-time Directors

SECTION-190 (Contract of employment with managing or whole-time directors) under CHAPTER-XII (Meeting of Board and its Powers) of the Companies Act, 2013

(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.







Extra Notes for Readers

(1) The Companies Act, 2013 received the assent of the President on the 29th August, 2013 (Published in the Gazette of India, Extraordinary, Part II - Section 1 by Ministry of Law and Justice, Legislative Department on 30th August, 2013) - link


(2) Section 190 of the Companies Act 2013 was notified by MCA Notification S.O. 902(E) dated 26th March 2014 (w.e.f. 1st April, 2014) - link

(3) Further, refer the Companies (Meeting of Board and its PowersRules, 2014 (w.e.f. 1st April, 2014) - link
[Also check amendments, if any, to the Companies (Meeting of Board and its Powers) Rules, 2014]







This page was last updated on 13th April, 2017.

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