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of <h1>Companies Act Section 294: Sole Selling Agent Appointments Require General Meeting Approval, Limited to 5-Year Terms, Subject to Government Oversight.</h1> Section 294 of the Companies Act, 1956 mandates that the appointment of sole selling agents by a company requires approval in a general meeting. Appointments cannot exceed five years but may be renewed for additional terms of five years each. If the general meeting disapproves, the appointment becomes invalid. The Central Government can intervene if the terms are deemed prejudicial to the company's interests, requiring the company to provide relevant information or face investigation. Non-compliance can result in fines. The government may also declare a selling agent as the sole agent if deemed necessary.
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