Sole selling agent regulation requires company and government approval, limits terms, and restricts compensation on cessation. Regulation of sole selling agents requires company approval in general meeting and, for significant companies or specified goods, prior Central Government approval; terms are limited in duration and the Government may prohibit appointments for certain goods. Companies must furnish information and cooperate with investigations into selling-agent arrangements or face penalties and government-appointed inquiries. Payments for loss of office to sole selling agents are restricted and capped by reference to the unexpired term or a three-year remuneration average, with specified exceptions for misconduct and certain resignations.
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Sole selling agent regulation requires company and government approval, limits terms, and restricts compensation on cessation.
Regulation of sole selling agents requires company approval in general meeting and, for significant companies or specified goods, prior Central Government approval; terms are limited in duration and the Government may prohibit appointments for certain goods. Companies must furnish information and cooperate with investigations into selling-agent arrangements or face penalties and government-appointed inquiries. Payments for loss of office to sole selling agents are restricted and capped by reference to the unexpired term or a three-year remuneration average, with specified exceptions for misconduct and certain resignations.
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