Dear All, If all the Directors are interested Directors, then what shall be the qourum for conducting RPT Transactions in Pvt. Co.
RPT is between holding and susidiary co. and Directors are Common.
Regards
Swati Sharma (TRAINEE) (328 Points)
28 May 2015Dear All, If all the Directors are interested Directors, then what shall be the qourum for conducting RPT Transactions in Pvt. Co.
RPT is between holding and susidiary co. and Directors are Common.
Regards
Swati Sharma
(TRAINEE)
(328 Points)
Replied 28 May 2015
Kindly Refer below,
♠ BOARD APPROVAL:
· All Companies must get Board’s approval irrespective of the Capital of the company or value of the transaction.
· The Approval Should be sought at a duly convened Board Meeting.
· The Approval cannot be obtained by passing a circulation resolution
· All the directors of the Company including the “Interested Directors” (Related parties to such contract) can participate in the Board Meeting.
· But the Directors who are related to the contracts which are going to be discussed in the meeting shall not be present at the meeting during the discussion alone.
· The Directors who are related parties to such contract or agreement cannot vote for the same.
Quorum
· The Quorum for the Board Meeting where Related Party Transaction is discussed should form 2/3rd majority excluding the Interested directors.
jitender drall
(artical assitant)
(25 Points)
Replied 28 May 2015
Sourabh Jain
(Credit Manager)
(62 Points)
Replied 28 May 2015
Ajay Kumar
(Articled student)
(77 Points)
Replied 28 May 2015
Ajay Kumar
(Articled student)
(77 Points)
Replied 28 May 2015
karan
(article assistant)
(23 Points)
Replied 28 May 2015
CA Rajendra Naik
(Practicing Chartered Accountant)
(53 Points)
Replied 13 October 2015
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Course on Foreign Exchange Management Act (FEMA)(without recording)