Related Party Transaction Approval
All companies. Certain related party transactions require prior approval of the Board (interested directors abstaining from vote) and, beyond prescribed limits, also prior approval of shareholders by Ordinary Resolution. Related parties and interested directors cannot vote.
Interested directors must NOT participate in the discussion or vote on this resolution. If the transaction exceeds the prescribed limits (e.g. >10% of turnover for goods/services, or the applicable threshold for property/loans), Ordinary Resolution by shareholders is also required. Form AOC-2 must be attached to the Board's Report.
Section 188, Companies Act 2013; Rule 15, Companies (Meetings of Board and its Powers) Rules, 2014
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