If iam a director of a 'x' company and Iam a sole proprietor of 'Y enterprises
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Quick Summary
This discussion clarifies whether a director of one company and the sole proprietor of another are considered related parties. While some argue they are under the Companies Act 2013 as the same individual, others point to Accounting Standard 18, which defines related parties based on key management personnel. The debate highlights differing interpretations and the importance of specific regulations.
Director is deemed to be one of key management person. He is not a puppet.
Director dealing with himself (his proprietory concern) is on what grounds not a non-related party !! ------ Forum has like button which is quick and convenient. One should make use of it. For a newcomer unaware of , it's okay.