23 November 2017
that remuneration given to director of private company is covered under section 188 of companies act 2013. that for the same annexure AOC-2 is applicable with board report
23 November 2017
if the director receives from the company anything by way of remuneration over and above the remuneration to which he is entitled as director, by way of salary, fee, commission, perquisites, any rent free accommodation, or otherwise then it will fall Related Party Transaction -Section 188(1)
27 November 2017
In continuation further kindly note the following
While a transaction with a related party may not attract provisions of Section 188, it can't escape reporting under Form AOC-2. Thus it can be stated that in respect of a company all transactions with related parties are deemed as RPT whether they fall within the ambit of Section 188 or not. In either case such RPT are required to be disclosed and reported in Form AOC-2
CAclubindia
