The Companies Amendment Act, 2017 read with Notification S.O. 1833(E) dated 7th May 2018 amended law related to the audit committee. Certain transactions related to related parties shall be voidable unless ratified by the audit committee. In this post, we will discuss updated law related to approval of related parties in the audit committee.
Tag Archives: RPT
UPDATE: on 30th August 2013: Companies Bill 2012 became the Companies Act, 2013 (Act 18 of 2013).
DISCLOSURE OF INTEREST BY DIRECTOR (SECTION 184, SUB SECTION 1):
Every director shall disclose his concern or interest in any company or companies or bodies corporate, firms, or other association of individuals which shall include the shareholdings, in such manner as may be prescribed. Such disclosure shall be made on three particular point of time:
(i) At the first meeting of the Board in which he participates as a director;
(ii) At the first meeting of the Board in every financial year; and
(iii) Whenever there is any change in the disclosures already made, then at the first Board meeting held after such change.