(1) A contract between a company and its managing agent or an associate of the managing agent,-
(a) for the sale, purchase or supply of any property, movable or immovable, or for the supply or rendering of any service other than that of managing agent-, or
(b) for the underwriting of any shares or debentures, to be issued or sold by the company; shall not be valid against the company-
(i) unless the contract has been approved by the company by a special resolution passed by it, and
(ii) where the contract is for the supply or rendering of any service other than that of managing agent, unless further the contract has been approved by the Central Government. either before the date of the contract or at any time within three months next after that date.]