valid as on 23/10/2019

Section 193. Contract by One Person Company
Effective from 01-04-2014

(1) Where One Person Company limited by shares or by guarantee enters into a contract with the sole of the  who is also the   of the company, the company shall, unless the contract is in writing, ensure that the terms of the contract or offer are contained in a or are recorded in the minutes of the first meeting of the  of the company held next after entering into contract:

Provided that nothing in this sub-section shall apply to contracts entered into by the company in the ordinary course of its business.

(2) The company shall inform the about every contract entered into by the company and recorded in the minutes of the meeting of its Board of Directors under sub-section (1) within a period of fifteen days of the date of approval by the Board of Directors.

2(55) Member, in relation to a company, means—

(i) the subscriber to the memorandum of the company who shall be deemed to have agreed to become member of the company, and on its registration, shall be entered as member in its register of members;

(ii) every other person who agrees in writing to become a member of the company and whose name is entered in the register of members of the company;

(iii) every person holding shares of the company and whose name is entered as a beneficial owner in the records of a depository

2(20) Company means a company incorporated under this Act or under any previous company law
2(34) Director means a director appointed to the Board of a company
2(56) Memorandum means the memorandum of association of a company as originally framed or as altered from time to time in pursuance of any previous company law or of this Act
2(10) Board of Directors, in relation to a company, means the collective body of the directors of the company
2(75) Registrar means a Registrar, an Additional Registrar, a Joint Registrar, a Deputy Registrar or an Assistant Registrar, having the duty of registering companies and discharging various functions under this Act

Enforcement Notification S.O. 902(E) dated 26/03/2014


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