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

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Section-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.

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