25 February 2012
Whether Sitting Fees Paid To The Non-Executive Directors are to be treated as a Related Party Transaction ??? If Yes, Then On What Basis ???
As per the para 3D OF AS18...Key management personnel and there relatives come under the ambit of related party transactions...so as per your query if the non executive director have the authority and responsibility for planning directing and controlling the the activities of the company ( which is commonly non executive director don't have ) any payment made to them including sitting fees would constitute related party transaction.
CAclubindia
