Section 193 — Contract 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 dire ctor 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
Related sections
- Section 173 — Meetings of Board
- Section 174 — Quorum for meetings of Board
- Section 175 — Passing of resolution by circulation
- Section 176 — Defects in appointment of directors not to invalidate actions taken
- Section 177 — Audit Committee
- Section 178 — Nomination and Remuneration Committee and Stakeholders Relationship
- Section 179 — Powers of Board
- Section 180 — Restrictions on powers of Board
- Section 181 — Company to contribute to bona fide and charitable funds, etc
- Section 182 — Prohibitions and restrictions regarding political contributions
- Section 183 — Powe r of Board and other persons to make contributions to national defence fund,
- Section 184 — Disclosure of interest by director
- Section 186 — Loan and investment by company
- Section 187 — Investments of company to be held in its own name
- Section 188 — Related party transactions
- Section 189 — Register of contracts or arrangements in which directors are interested
- Section 190 — Contract of employment with managing or whole -time director
- Section 191 — Payment to director for loss of office, etc., in connection with transfer of undertaking,
- Section 192 — Restriction on non-cash transactions involving directors
- Section 194 — [Prohibition on forward dealings in securities of company by director or key managerial
- Section 195 — [Prohibition on insider trading of securities.] Omitted by s. 65, ibid. (w.e.f. 9-2-2018)