law: Companies Act, 1956
  Sec 46    -     Form of
  
  contracts. 
  (1) Contracts on behalf of a company may be
  
  made as follows :
  (a) a contract which, if made between private
  
  persons, would by law be required to be in writing signed by the parties to be
  
  charged therewith, may be made on behalf of the company in writing signed by
  
  any person acting under its authority, express or implied, and may in the same
  
  manner be varied or discharged;
  (b) a contract which, if made between private
  
  persons, would by law be valid although made by parol only and not reduced into
  
  writing, may be made by parol on behalf of the company by any person acting
  
  under its authority, express or implied, and may in the same manner be varied
  
  or discharged.
  (2) A contract made according to this section
  
  shall bind the company.