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TMI BlogAppointment of sole selling agents to require approval of company in general meeting.X X X X Extracts X X X X X X X X Extracts X X X X ..... er the commencement of the Companies (Amendment) Act, 1960 (65 of 1960) the Board of directors of a company shall not appoint a sole selling agent for any area except subject to the condition that the appointment shall cease to be valid if it is not approved by the company in the first general meeting held after the date on which the appointment is made. (2A) If the company in general meeting as aforesaid disapproves the appointment, it shall cease to be valid with effect from the date of that general meeting.] (3) Where before the commencement of this Act, a company has appointed a sole selling agent for any area for a period of not less than five years, the appointment shall be placed before the company in general meeting within a per ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pointed under clause (b), the Central Government is of the opinion that the terms and conditions of appointment of the sole selling agent are prejudicial to the interests of the company, the Central Government may, by order, make such variations in those terms and conditions as would in its opinion make them no longer prejudicial to the interests of the company; (d) as from such date as may be specified by the Central Government in the order aforesaid, the appointment of the sole selling agent shall be regulated by the terms and conditions as varied by the Central Government. (6)(a) Where a company has more selling agents than one (by whatever name called) in any area or areas and it appears to the Central Government that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (d) as from the date specified in clause (c) the appointment of the selling agent declared to be the sole selling agent shall be regulated by the terms and conditions as varied by the Central Government. [5] (7) It shall be the duty of the company ____ (a) to produce to the person appointed under clause (b) of sub-section (5) or clause (b) of sub-section (6), all books and papers of, or relating to, the company which are in its custody or power; and (b) otherwise to give to that person all assistance in connection with the investigation which the company is reasonably able to give. [6] (8) If a company refuses or neglects ___ (a) to furnish the information required by the Central Government under cla ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... agreement whether taken in his own name or in association with, or in the name of, any other person for his benefit or on his own account, shall, unless approved by the Central Government within a period of six months from such commencement, become void and inoperative and the appointment as sole selling agent shall, unless it has terminated by efflux of time, come to an end on the expiry of that period; (b) no managing agent ___ (i) who has ceased to hold office as such before the commencement of the Companies (Amendment) Act, 1960 (65 of 1960), but has not been appointed before such commencement as the sole selling agent of the company whose managing agent he was, or (ii) who has ceased to hold office as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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