What is the procedure for sole-selling agents u/s 294 of the Companies Act ? Can a Indian company appoint a sole-selling agents in foreign country ? The approval of Central Government is available for the foreign entitry ?
Following things are clear to me, what about the others ?
-The sole-selling agent to be appointed for maximum period of 5 years.
-Sole-selling agent should have the appropriate experience.
-Application in Form-I alongwith requisite fee to be made through e-filing.
-Application will be sent to MCA, New Delhi for its approval.
-The sole-selling agency will be exclusive for the particular area.
- MoA/AoA of the company should have the provision for appointment of sole-selling agent.
- The following documents are required to be attached alongwith the application :
a) sole-selling agreement on stamp paper.
b) previous approval for sole-selling agreement.
c) breif descripttion of the agent to be appointed.
d) Last 3 years balance sheet of the sole-selling agent and the appointee company.
d) Copy of Special resolution passed in general meeting.
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