FICCI-ICSI Conference on Companies Act 2013: Related Party Transactions Overview
Explore the key highlights from the FICCI-ICSI Conference on the Companies Act 2013, focusing on the broad definition of related party transactions, approvals process, preparedness strategies, draft rules, and materiality tests.
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Presentation Transcript
FICCI - ICSI Conference on the Companies Act 2013 A New Law for a New Era Related Party Transactions The Companies Act 2013 B. Murli Senior Vice President - Legal & Company Secretary Nestl India Limited 12thSeptember 2013 1
Broad definition of Related Party Approvals Preparedness Draft Rules 2
Broad definition of Related Party New Definition The Companies Act 2013 KMP & Relatives Fellow Subsidiaries & Associate Companies Draft Rules Directors, KMP& Relatives : Holding/Subsidiary/Associates Senior Management : Company/Holding/Subsidiary/Associates 3
Approvals Audit Committee Approval/modification of transactions Board of Directors Ordinary course of business Normal course of business not on Arm s length basis Arm s length basis Shareholders (Not interested) Prior special resolution if paid-up share capital or transactions above threshold notified 4 4
Preparedness Proactive Approach Best Practices for proposed RPTs Independent professional certification & support documentations Knowledge Building 5
Draft Rules Materiality test for RPTs Extent of Deemed Related Party Your views 6
