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of <h1>Companies Must Keep Director Contracts Available for Member Inspection, Non-Compliance Penalties Apply; Excludes Private Companies</h1> Every company must maintain at its registered office either a copy of the written contract of service with managing or whole-time directors or a written memorandum of terms if the contract is unwritten. These documents must be accessible for inspection by any company member without a fee. Non-compliance results in a penalty of twenty-five thousand rupees for the company and five thousand rupees for each defaulting officer. This section does not apply to private companies.
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