TaxTMI 
TaxTMI 
Power of Central Government to prohibit the appointment of sole selling agents in certain cases.
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....fied by that Government, is substantially in excess of the production or supply of such goods and that the services of sole selling agents, will not be necessary to create a market for such goods, the Central Government may, by notification in the Official Gazette, declare that sole selling agents shall not be appointed by a company for the sale of such goods for such period as may be specified in....
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....nt has been made of a sole selling agent by a company before the commencement of the Companies (Amendment) Act, 1974 (41 of 1974) and the appointment is such that it could not have been made except on the authority of a special resolution passed by the company and the approval of the Central Government, if sub-section (2), sub-section (3) and sub-section (8), were in force at the time of such appo....
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....ent", (b) "substantial interest",___ (i) in relation to an individual, means the beneficial interest held by such individual or any of his relatives, whether singly or taken together, in the shares of the company, the aggregate amount paid-up on which exceeds five lakhs of rupees or five per cent of the paid-up share capital of the company, whichever is the lesser; (ii) in relation to a firm....