RELATED PARTY TRANSACTION AS 18

Snarayanaswamy (PRACTISING COMPANY SECRETARY )   (38 Points)

10 May 2007  
PLEASE INFORM ME, WHETHER A PRIVATE LIMITED COMPANY REGISTERED IN INDIA (WHICH IS A WHOLLY OWNED SUBSIDIARY OF A FOREIGN COMPANY OR SUBSTANTIALLY OWNED BY A FOREIGN COMPANY) WHOSE ANNUAL TURNOVER IS ONLY AROUND RS. 8 CRORES, AND ITS TOTAL BORROWING IS LESS THAN RS. 10 CRORES, WILL ATTRACT THE PROVISIONSOF RELATED PARTY TRANSACTIONS, UNDER AS 18.  WHETHER THE STATUTORY AUDITOR HAS TO GIVE DETAILS OF TRANSACTIONS WITH THE RELATED PARTIES IN THE N0TES TO ACCOUNTS.  IF HE FAILS TO DO SO WHAT IS THE CONSEQUENCES.  PLEASE NOTE THAT THE PAID UP CAPITAL OF THE COMPANY IS IN EXCESS OF RS. 1 CRORE  AND ALSO THE FOREIGN HOLDINGS COMPANY'S TURNOVER IS ALSO MORE THAN 50 CRORES RS.  AND ALSO INFORM ME IF THAT FOREIGN COMPANY HOLDS 100% EQUITY IN MORE THAN ONE INDIAN COMPANY, WHETHER ALL THE COMPANY'S AUDITORS HAVE TO REPORT ON THE COMPLIANCE OF AS 18.   AND ALSO INFORM ME IF ALL THE ABOVE MENTIONED GROUP COMPANIES ARE HAVING CROSS TRANSACTIONS INVOLVING MORE THAN 1 CRORES RS, WHAT IS THE STATUS OF THE AUDITOR.  MATTER IS URGENT.  ALSO INFORM ME IF, THOSE MENTIONED POSITIONS WERE THERE DURING THE LAST YEAR ITSELF, WHAT WAS THE DUTY OF THE SAID AUDITOR.
THANK YOU.