Ban on appointment of sole selling agents u/s. 294 AA of the Companies Act, for drugs etc. - G.S.R. 130(E). - Companies Law

MINISTRY OF FINANCE (Department of Company Affairs) NOTIFICATION New Delhi, the 23 rd February, 2004 Subject:- Ban on appointment of sole selling agents u/s. 294 AA of the Companies Act, for drugs etc. G.S.R. 130(E).- In exercise of the powers conferred by sub-section (1) of section 294AA of the Companies Act, 1956 (1 of 1956), the Central Government being of the opinion that the demand for the category of goods specified in the Table below is substantially in excess of the production or supply of such goods and that the services of the sole selling agents will not be necessary to create a market for such goods, hereby declares that sole selling agents shall not be appointed by any company for the sale of such goods in India for a period of three years from the date of publication of this notification in the Official Gazette. Table Every category of bulk drugs , drugs and formulations as defined in the Drugs (Prices Control) Order, 1995, not being, ( i ) any bona fide preparation included in the Ayurvedic (including Siddha) or Unani (Tibb) systems of medicine; or ( ii ) any preparation including in the Homoeopathic system of medicine. [F. No. 5/10/2000-CL-V] JITESH KHOSLA, Jt. Secy.