Related person (section 15)

This discussion clarifies the definition of 'related persons' as outlined in Section 15 of an Act. It explains that individuals are considered related if they serve as officers or directors in each other's businesses. An example illustrates this: if Mr. A, a major shareholder of Xyz Ltd, becomes a director of ABC Ltd, and Mr. B, a major shareholder of ABC Ltd, becomes a director of Xyz Ltd, then Xyz Ltd and ABC Ltd are deemed related.