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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 ..... wers 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 rules may be called the Companies (Meetings of Board and its Powers) Second Amendment R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... : "(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 respect to clauses (a) to (e) of sub-section (1) of section 188, with criteria as me ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r, 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) respectively of sub-section (1) of section 188: Explanation.- It is hereby clarified that the limits spec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 statement to be annexed to the notice of a general meeting convened pursuant to section 101 shall contain the following ..... X X X X Extracts X X X X X X X X Extracts X X X X
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