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of <h1>Companies Act Section 416: Managers must document contracts as undisclosed principals or face fines.</h1> Section 416 of the Companies Act, 1956, mandates that any manager or agent of a public company, or a private company that is a subsidiary of a public company, must document the terms of any contract where the company is an undisclosed principal. This memorandum must be delivered to the company and its directors and filed for review at the next board meeting. Failure to comply allows the company to void the contract and subjects the responsible party to a fine of up to two thousand rupees.
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