Contract transparency by one person company requires written terms or board minutes and registrar notice after approval. Contracts between a One Person Company and its sole member-director that are not in writing must have their terms included in the memorandum or recorded in the minutes of the first Board meeting convened after entering into the contract, excluding contracts in the ordinary course of business; where recorded in minutes, the company must inform the Registrar about each such contract within the short period following Board approval.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Contract transparency by one person company requires written terms or board minutes and registrar notice after approval.
Contracts between a One Person Company and its sole member-director that are not in writing must have their terms included in the memorandum or recorded in the minutes of the first Board meeting convened after entering into the contract, excluding contracts in the ordinary course of business; where recorded in minutes, the company must inform the Registrar about each such contract within the short period following Board approval.
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