Related party audit committee

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sangeeta (Querist)
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13 January 2015 Do Audit Committee need to pass resolution for approving related party transaction or noting and approval is sufficient.

CS Mitesh Mehta

CS Mitesh Mehta (Expert)
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14 January 2015 The Companies Act 2013 prescribes that a company needs approval of the audit committee on all related party transactions and subsequent modifications thereto. This is irrespective of whether they are in the ordinary course of business and consummated at arm's length price or they are below prescribed thresholds. Further, for listed companies, clause 49 prescribes audit committee approval for all related party transactions and shareholders approval of all material RPTs

You should pass resolution for approval

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