Companies Act, 2017 — section 214

214. Contracts by agents of company in which company is undisclosed principal..—(1) Every officer or other agent of a company, other than a private company, not being the subsidiary company of a public company, who enters into a contract for or on behalf of the company in which contract the company is an undisclosed principal shall, at the time of entering into the contract, make a memorandum in writing of the terms of contract, and specify therein the person with whom it has been made.

(2)Every such officer or other agent shall forthwith deliver the memorandum aforesaid to the company and its directors which shall be laid before next meeting of the board.

(3)If any such officer or other agent makes default in complying with the requirements of this section

(a)the contract shall, at the option of the company, be void as against the company; and

(b)such officer or other agent shall be liable to a penalty of level 1 on the standard scale.