THE government has clarified that related party transactions valued in excess of `
The new rules would be applicable to contracts and arrangements coming under related party transactions.
Sale, purchase or supply of any goods or materials— directly or through appointment of agent— that exceeds ten per cent of the company's turnover or `
This was issued on
With respect to selling or otherwise disposing of or buying property of any kind, directly or indirectly through appointment of agent, the same norms would be applicable only if the value exceeds `
In case of leasing of property, only those transactions where the value exceeds `
The norms would be applicable for availing or rendering of any services, directly or through appointment of agent in case the value is more than ten per cent or the company's turnover or `
Special resolutions require, at least, 75 per cent shareholders' nod to get passed. Besides, the company has to annex an explanatory statement about related party transactions in general meeting notice. The statement should include details such as name of the related party, key managerial personnel who are related to the transaction and nature of relationship, among others.
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