Lawgist193Contract by One Person Company
(1) Where One Person Company limited by shares or by guarantee enters into a contract with the sole member of the company who is also the director of the company, the company shall, unless the contract is in writing, ensure that the terms of the contract or offer are contained in a memorandum or are recorded in the minutes of the first meeting of the Board of Directors of the company held next after entering into contract:
Provided that nothing in this sub-section shall apply to contracts entered into by the company in the ordinary course of its business.
(2) The company shall inform the Registrar about every contract entered into by the company and recorded in the minutes of the meeting of its Board of Directors under sub-section (1) within a period of fifteen days of the date of approval by the Board of Directors.
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- 173 Meetings of Board
- 174 Quorum for meetings of Boar
- 175 Passing of resolution by circulatio
- 176 Defects in appointment of directors not to invalidate actions take
- 177 Audit committee
- 178 Nomination and Remuneration Committee and Stakeholders Relationship Committee
- 179 Powers of Board
- 180 Restrictions on powers of Board
- 181 Company to contribute to bona fide and charitable funds, etc
- 182 Prohibitions and restrictions regarding political contribution
- 183 Power of Board and other persons to make contributions to national defence fund, etc
- 184 Disclosure of interest by director
- 185 Loan to directors, et
- 186 Loan and investment by compan
- 187 Investments of company to be held in its own name
- 188 Related party transactions
- 189 Register of contracts or arrangements in which directors are intereste
- 190 Contract of employment with managing or whole-time director
- 191 Payment to director for loss of office, etc., in connection with transfer of undertaking, property or shares
- 192 Restriction on non-cash transactions involving directors
- 193 Contract by One Person Company
- 194 Prohibition on forward dealings in securities of company by director or key managerial personne
- 195 Prohibition on insider trading of securities
