omnibus approval
mustkeemalim@gmail.com (9 Points)
31 August 2018
what is omnibus approval by audit committee in related party transactions
1 Replies
Chirag
(Professional)
(1979 Points)
Replied 01 September 2018
Audit committee may give omnibus approval for repitive nature of txn between company and related party, So there is no requirement of taking approval again and again ,for such txns which are repetitive in nature, This approval shall be valid for 1 Yr only and subject to review by audit commitee at least once in a quarter, It will also be subject to detailed procedure including nature and need of Txn, However if audit committee found that there is no need of such omnibus approval then Max approval can be given for 100 Lacs... So in nutshell Here Omnibus stands for umbrella approval rather than each ten basis approval..... refer Reg.23 of SEBI LODR & Section 177 of companies act, 2013 with relevant rules also..
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