Maintenance of the Register of Contracts
Online Link to Act/Rule/Legislation
Initial Setup or Ongoing Maintenance
Ongoing compliance requirement
Filing and Maintenance Requirements
Every company shall maintain one or more registers with following particulars —
(a) company or companies or bodies corporate, firms or other association of individuals, in which any director has any concern or interest, as mentioned under sub-section (1) of section 184: Provided that the particulars of the company or companies or bodies corporate in which a director himself together with any other director holds two percent or less of the paid-up share capital would not be required to be entered in the register;
(b) contracts or arrangements with a body corporate or firm or other entity as mentioned under sub-section (2) of section 184, in which any director is, directly or indirectly, concerned or interested; and
(c) contracts or arrangements with a related party with respect to transactions to which section 188 applies.
For further details of the requirements please visit: http://www.mca.gov.in/Ministry/pdf/CompaniesAct2013.pdf
Every director who fails to comply with the provisions of this section and the rules made there-under shall be liable to a penalty of twenty-five thousand rupees.
Application Guidelines / Responsible Persons / Comments
The entries in the register shall be made at once, whenever there is a cause to make entry, in chronological order and shall be authenticated by the company secretary of the company or by any other person authorized by the board for the purpose. The register shall be kept at the registered office of the company and the register shall be preserved permanently and shall be kept in the custody of the company secretary of the company or any other person authorized by the Board for the purpose.