Contract of employment for managing or whole-time directors must be kept at the registered office and open to member inspection. Every company must keep at its registered office a copy of a written contract of service with a managing or whole-time director or a written memorandum of terms where no written contract exists; those records must be open to inspection by any member without fee; non-compliance attracts a company penalty of twenty-five thousand rupees and a five thousand rupee penalty on each defaulting officer; the provision excludes private companies.