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Companies (Meetings of Board and its Powers) Amendment Rules 2015.

Companies Law - G.S.R. 971(E) - Dated:- 14-12-2015 - MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 14th December, 2015 G.S.R. 971(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 further to amend the Companies (Meetings of Board and its Powers) Rules, 2014, namely:- 1. (1) These rules may be .....

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proval for related party transactions proposed to be entered into by the company subject to the following conditions, namely:- (1) The Audit Committee shall, after obtaining approval of the Board of Directors, specify the criteria for making the omnibus approval which shall include the following, namely:- (a) maximum value of the transactions, in aggregate, which can be allowed under the omnibus route in a year; (b) the maximum value per transaction which can be allowed; (c) extent and manner of .....

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transactions (in past or in future); (b) justification for the need of omnibus approval. (3) The Audit Committee shall satisfy itself on the need for omnibus approval for transactions of repetitive nature and that such approval is in the interest of the company. (4) The omnibus approval shall contain or indicate the following: - (a) name of the related parties; (b) nature and duration of the transaction; (c) maximum amount of transaction that can be entered into; (d) the indicative base price o .....

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