Related party transaction compliance applicability to unlisted private company

Dear All,

Please confirm the applicability of Related party transaction compliance under Section 177 and 188 to unlisted private company if the private company have constituted Audit committee.

1) Audit committee approval on proposed related party transaction / approval on omnibus basis.

2) Board / shareholder approval based on related party transaction value executed not at arm length prices.

please confirm applicability of above 2 points and additionally if any other applicable too.