DrCompliance
A related-party transaction is a business deal or arrangement between two parties who are joined by a special relationship prior to the deal.
To understand various issues and concerns faced by the entrepreneurs/top management on the key aspects of Related party transactions and to support them in implementing better governance in organizations.
Related Party Transaction as per Companies Act and SEBI(LODR)CS Bhuwan Taragi
This PPT is on Related Party Transaction as per companies Act, 2013 and SEBI(LODR) 2015. you will company know who are related parties and what are approval required for related parties transactions.
You can visit my you tube channel "CS Bhuwan Taragi- The Law Talks " for more clearity on this topic.
Key Takeaways:
Provisions governing RPT under Companies Act, 2013, SEBI (LODR), IND AS
Statutory compliances for RPT
Approval requirements for RPT
Disclosures norms for RPT under various statutes
Related Party Transactions by Dipti Mehta Partner Mehta & Mehta Company Secretary
Both under the 2013 Act , requirements concerning related party transactions may be divided into four key parts, viz., identification of related parties, related party transactions, approval process and disclosure requirements. It is clear from discussion below that in most cases, The definition of ‘related party’ under RC49 is likely to result in identification of significantly higher number of related party. Unlike the 2013 Act, RC49 does not exempt related party transactions from special resolution of disinterested shareholders based on criteria, viz., (i) transaction is in the ordinary course of business and at arm’s length, or (ii) prescribed threshold regarding transaction value and share capital are not breached.
Disclaimer: Disclaimer: This presentation is based on my internal research. It is notified that the presenter and any other person related to him shall be responsible for any damage or loss of any action taken based on this presentation. It is suggested to seek professional advice before initiating any action.
Key Takeaways:
Enhanced reporting requirements in CARO, 2020
Significant changes in CARO, 2020
Matters specified in Auditor's report
Comparison between CARO, 2020 and CARO, 2016
Companies Act 2013 : Loans, Advances and Related Party Transactions (Sec. 185...Chintan N. Patel
Presentation to simplify the important and critical sections of Companies Act 2013 : Sec. 185, 186, 188 on Loans, Advances and Related Party Transactions
Related Party Transactions- A Closer PerspectiveChhavi Sharma
The shared slide provides an insight into the auditing & accounting aspects of the related party transactions. A brief description of certain relaxation norms under Companies Act 2013, SEBI's corporate governance norms and treatment under Income Tax Act, 1961 has been envisaged herein.
To understand various issues and concerns faced by the entrepreneurs/top management on the key aspects of Related party transactions and to support them in implementing better governance in organizations.
Related Party Transaction as per Companies Act and SEBI(LODR)CS Bhuwan Taragi
This PPT is on Related Party Transaction as per companies Act, 2013 and SEBI(LODR) 2015. you will company know who are related parties and what are approval required for related parties transactions.
You can visit my you tube channel "CS Bhuwan Taragi- The Law Talks " for more clearity on this topic.
Key Takeaways:
Provisions governing RPT under Companies Act, 2013, SEBI (LODR), IND AS
Statutory compliances for RPT
Approval requirements for RPT
Disclosures norms for RPT under various statutes
Related Party Transactions by Dipti Mehta Partner Mehta & Mehta Company Secretary
Both under the 2013 Act , requirements concerning related party transactions may be divided into four key parts, viz., identification of related parties, related party transactions, approval process and disclosure requirements. It is clear from discussion below that in most cases, The definition of ‘related party’ under RC49 is likely to result in identification of significantly higher number of related party. Unlike the 2013 Act, RC49 does not exempt related party transactions from special resolution of disinterested shareholders based on criteria, viz., (i) transaction is in the ordinary course of business and at arm’s length, or (ii) prescribed threshold regarding transaction value and share capital are not breached.
Disclaimer: Disclaimer: This presentation is based on my internal research. It is notified that the presenter and any other person related to him shall be responsible for any damage or loss of any action taken based on this presentation. It is suggested to seek professional advice before initiating any action.
Key Takeaways:
Enhanced reporting requirements in CARO, 2020
Significant changes in CARO, 2020
Matters specified in Auditor's report
Comparison between CARO, 2020 and CARO, 2016
Companies Act 2013 : Loans, Advances and Related Party Transactions (Sec. 185...Chintan N. Patel
Presentation to simplify the important and critical sections of Companies Act 2013 : Sec. 185, 186, 188 on Loans, Advances and Related Party Transactions
Related Party Transactions- A Closer PerspectiveChhavi Sharma
The shared slide provides an insight into the auditing & accounting aspects of the related party transactions. A brief description of certain relaxation norms under Companies Act 2013, SEBI's corporate governance norms and treatment under Income Tax Act, 1961 has been envisaged herein.
Overview of Companies (Auditor’s Report) Order 2020
TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY,PART II, SECTION 3, SUB-SECTION (ii)]MINISTRY OF CORPORATE AFFAIRS
CONTENTS
1) BACKGROUND OF SECTION 143 OF COMPANIES ACT 2013
2) REQUIREMENT OF CARO
3) NON APPLICABILITY OF CARO 2020 TO CERTAIN COMPANIES
3) MATTERS TO BE INCLUDED IN THE AUDITORS REPORT
4) DESCRIPTION OF EACH PARAGRAPH TO BE INCLUDED IN CARO 2020
SEBI(LODR)Regulations - Obligations on listing of specified securities - Part IIDVSResearchFoundatio
Key Takeaways:
Related party transactions
Obligations of directors including independent directors, employees including KMPs
Corporate Governance requirements
Related Party Transactions: Disclosure & TransparencyPavan Kumar Vijay
It deals with the concept and need of disclosures and transparency in corporate affairs. It further enumerates the provisions of related party transactions and insider trading.
The effective date for IFRS 17 is now 2021. The new effective date will mean companies could start planning for the change in 2018 as part of being ready for the new standard by 2021.
The OECD Guidelines on Corporate Governance of State-Owned Enterprises are the leading global standard for the ownership and governance of state-owned enterprises (SOEs). Since their adoption in 2005, the Guidelines have been adhered to by 38 members of the OECD and three Partner economies.
In 2023, the Working Party on State Ownership and Privatisation Practices (the ‘Working Party’) began a review of the standard to reflect nearly a decade of experience and evolving best practices since the 2015 revision. The review will strengthen the Guidelines to ensure that SOEs contribute to sustainability, and economic security and resilience, by maintaining a global level playing field and high standards of integrity and business conduct.
Overview of Companies (Auditor’s Report) Order 2020
TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY,PART II, SECTION 3, SUB-SECTION (ii)]MINISTRY OF CORPORATE AFFAIRS
CONTENTS
1) BACKGROUND OF SECTION 143 OF COMPANIES ACT 2013
2) REQUIREMENT OF CARO
3) NON APPLICABILITY OF CARO 2020 TO CERTAIN COMPANIES
3) MATTERS TO BE INCLUDED IN THE AUDITORS REPORT
4) DESCRIPTION OF EACH PARAGRAPH TO BE INCLUDED IN CARO 2020
SEBI(LODR)Regulations - Obligations on listing of specified securities - Part IIDVSResearchFoundatio
Key Takeaways:
Related party transactions
Obligations of directors including independent directors, employees including KMPs
Corporate Governance requirements
Related Party Transactions: Disclosure & TransparencyPavan Kumar Vijay
It deals with the concept and need of disclosures and transparency in corporate affairs. It further enumerates the provisions of related party transactions and insider trading.
The effective date for IFRS 17 is now 2021. The new effective date will mean companies could start planning for the change in 2018 as part of being ready for the new standard by 2021.
The OECD Guidelines on Corporate Governance of State-Owned Enterprises are the leading global standard for the ownership and governance of state-owned enterprises (SOEs). Since their adoption in 2005, the Guidelines have been adhered to by 38 members of the OECD and three Partner economies.
In 2023, the Working Party on State Ownership and Privatisation Practices (the ‘Working Party’) began a review of the standard to reflect nearly a decade of experience and evolving best practices since the 2015 revision. The review will strengthen the Guidelines to ensure that SOEs contribute to sustainability, and economic security and resilience, by maintaining a global level playing field and high standards of integrity and business conduct.
Big Opportunity to become an Independent DirectorCA PRADEEP GOYAL
Independent Directors (ID) are expected to play a significant role at the Board level and be the change agents of corporate governance. Conventionally, Independent Directors have played a monitoring and advisory role. This is the starting point for their effectiveness and requires basic knowledge of statutes (e.g., companies law). However, in order to be the drivers of change in corporate boards, Independent Directors require a set of distinct skills and, most important, the attitude to make independent judgments.
Do you want to be an Independent director? If yes, this presentation is for you which covers-
1. which companies compulsorily required to appoint IDs.
2. How many IDs need to be appointed by listed and unlisted public companies
3. Who can and who cannot be an ID
4. Qualifications to become an ID
5. Compliances required by a person eligible and willing to be appointed as an ID
6. How get empanelment in Independent Directors Databank with IICA
7. Do ICAI permit practising CAs to be appointed as ID?
Revised Section 185 under The Companies Act, 2013Shreya Mitra
With complete substitution of the section 185- Loan to Directors, etc., vide the Companies (Amendment) Act, 2017, it has made business easy and a little less troublesome.
This is just a brief overview of what are the changes that have been brought about by the new amendment.
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SECUREX UK FOR SECURITY SERVICES AND MOBILE PATROLsecurexukweb
At Securex UK Ltd we are dedicated to providing top-rated security solutions tailored to your specific needs. With a team of highly trained professionals and cutting-edge technology, we prioritize your safety and peace of mind.
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Unlocking Insights: AI-powered Enhanced Due Diligence Strategies for Increase...RNayak3
Explore how a risk-based approach to Enhanced Due Diligence can deliver effective Anti-Money Laundering (AML) compliance and monitoring in banking and financial services.
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1. AS PER SECTION 188 OF COMPANIES
ACT, 2013
(Applicable to both Public and Private
Companies)
RELATED PARTY TRANSACTION
2. Company shall enter into any contract or arrangement with a
Related Party only after passing a Board Resolution in the Board
Meeting seeking approval of Board of Directors.
RELATED PARTY TRANSACTION:
1. Sale, purchase or supply of any goods or materials;
2. Selling or otherwise disposing of, or buying, property of any kind;
3. Leasing of property of any kind;
4. Availing or rendering of any services;
5. Appointment of any Agent for purchase or sale of goods, materials,
services or property;
6. Appointment to any office or place of profit in the Company, its
subsidiary Company or Associate Company;
7. Underwriting the subscription of any securities or derivatives thereof,
of the Company.
3.
4. MEANING OF RELATED PARTY
director or his relative;
a key managerial personnel or his relative;
a firm, in which a director, manager or his relative is a partner;
a private company in which a director or manager is a member or
director;
a public company in which a director or manager is a director or holds
along with his relatives, more than 2% of its paid-up share capital;
any body corporate whose Board of Directors, managing director or
manager is accustomed to act in accordance with the advice, directions
or instructions of a director or manager;
any person on whose advice, directions or instructions a director or
manager is accustomed to act:
Provided that nothing in sub-clauses (vi) and (vii) shall apply to the
advice, directions or instructions given in a professional capacity;
any company which is—
(A) a holding, subsidiary or an associate company
of such company; or
(B) a subsidiary of a holding company to which it
is also a subsidiary;
a director or key managerial personnel of the holding company or his
relative
5. APPROVAL FROM MEMBERS
In the following circumstances , in addition to approval of Board of Directors , prior
approval of members by means of a SPECIAL RESOLUTION must also be sought
before entering into any related party transaction:-
Sale, purchase or supply of any goods or materials directly or through appointment of
agents exceeding 25% of the annual turnover as mentioned in clause (a) and clause (e)
respectively of sub-section (1) of section 188
Selling or otherwise disposing of, or buying, property of any kind directly or through
appointment of agents exceeding 10% of net worth as mentioned in clause (b) and clause
(e) respectively of sub-section (1) of section 188
Leasing of property of any kind exceeding 10% of the net worth or exceeding 10% of
turnover as mentioned in clause (c) of sub-section (1) of section 188
Availing or rendering of any services directly or through appointment of agents exceeding
10% of the net worth as mentioned in clause (d) and clause (e) of sub-section (1) of
section 188
Appointment to any office or place of profit in the company, its subsidiary company or
associate company at a monthly remuneration exceeding Rs. 2.5 Lakhs as mentioned in
clause (f) of sub-section (1) of section 188
Remuneration for underwriting the subscription of any securities or derivatives thereof of
the company exceeding 1% of the net worth as mentioned in clause (g) of sub-section (1)
of section 188.
6. Points to Remember :-
This Section shall not apply to any transactions entered into
by the Company in its ordinary course of business other
than transactions which are not on an arm’s length basis.
Every contract or arrangement entered into shall be referred
to in the Board’s report to the shareholders along with the
justification for entering into such contract or arrangement.
Every company shall maintain one or more registers in
Form MBP 4, and shall enter therein the particulars of
contracts or arrangements with a related party with respect
to transactions to which section 188 applies.
7. PENALTY FOR NON COMPLIANCE
Any director or any other employee of a company,
who had entered into or authorized the contract
or arrangement in violation of the provisions of
this section shall –
(i) in case of listed company, be
punishable with imprisonment for a term which
may extend to 1 year or with fine which shall not
be less than Rs. 25,000/- but which may extend
to Rs. 5,00,000/-, or with both; and
(ii) in case of any other company, be
punishable with fine which shall not be less than
Rs. 25,000/- but which may extend to Rs.
5,00,000/-