TMI BlogCompanies (Meetings of Board and its Powers) Second Amendment Rules, 2014.X X X X Extracts X X X X X X X X Extracts X X X X ..... G.S.R 590 (E).- In exercise of the powers conferred under sections 173 , 175 , 177 , 178 , 179 , 184 , 185 , 186 , 187 , 188 , 189 and section 191 read with section 469 of the Companies Act, 2013 (18 of 2013 ), the Central Government hereby makes the following rules to amend the Companies (Meetings of Board and its Powers) Rules, 2014 , namely:- 1. (1) These rul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ule 15, for sub-rule (3) , the following sub-rule shall be substituted, namely: (3) For the purposes of first proviso to sub-section (1) of section 188 , except with the prior approval of the company by a special resolution, a company shall not enter into a transaction or transactions, where the transaction or transactions to be entered into, - (a) as contracts or arrangements with respec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y or ten per cent. of turnover of the company or rupees one hundred crore, whichever is lower, as mentioned in clause (c) of sub-section (1) of section 188 ; (iv) availing or rendering of any services, directly or through appointment of agent, exceeding ten per cent. of the turnover of the company or rupees fifty crore, whichever is lower, as mentioned in clause (d) and clause (e) respective ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Worth referred in the above sub-rules shall be computed on the basis of the Audited Financial Statement of the preceding Financial year. (2) In case of a wholly owned subsidiary, the special resolution passed by the holding company shall be sufficient for the purpose of entering into the transactions between the wholly owned subsidiary and the holding company. (3) The explanatory st ..... X X X X Extracts X X X X X X X X Extracts X X X X
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