Dear All,
A Public Listed Company is paying salary to its whole time director, will it be covered under related party ttransactions. Please suggest.
Regards
Rashi Tiwari
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Related party transaction
Replies (6)
yes........under key management personnel
yes, it is included.
As per Section 314 of companies act... he hold POP... Hence he have to get approval with special resolution for getting the salary...
Hi Rashi this is not covered under related party transaction. section 297 of the Companies Act 1956 says: A director in emloyment or a person rendering services in professional capacity is not covered in it.
I guess the query is from AS 18 disclosure angle -- not from section 297 or 314. Disclosure is very much necessary under AS 18 in notes to accounts in AR.
As per AS 18..Disclosure is regd for d same.
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