Section 190 of Companies Act 2013- Contract of employment with managing or whole-time directions.
Section 190(1) of Companies Act 2013
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.
Section 190(2) of Companies Act 2013
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.
Section 190(3) of Companies Act 2013
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.
Section 190(4) of Companies Act 2013
The provisions of this section shall not apply to a private company.
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