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Related Party Definition

TUSHAR PURI (10 Points)

10 March 2022

Whether related party Definition includes foreign company by any manner?

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Chirag (Professional) (1979 Points)
Replied 10 March 2022

Yes Body corporate include foreign company ,as amendment under CAA 2017, if it's classified as related party u/s 2(76) read with IND AS 24 in case of Listed Entities

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TUSHAR PURI (10 Points)
Replied 10 March 2022

But it will not be covered under iv and v clause of definition. Right?

Chirag (Professional) (1979 Points)
Replied 10 March 2022

If Mr. A is a director in One Foreign company which is private in nature ,now whether sale/ purchase of goods which is not at Arms length basis will it be allowed without shareholder's or board approval ? decode it you will get your answer !

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