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Companies Act, 2013 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. 1. 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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