Related party transaction

 

Related party transaction

Except with the consent of the Board of Directors given by a resolution at a meeting of the Board and subject to such conditions as may be prescribed no company shall enter into any contract or arrangement with a related party with respect to

a. sale, purchase or supply of any goods or materials

b.selling or otherwise disposing of, or buying property of any kind,

c.leasing of property of any kind

d.availing or rendering of any services.

e.appointment of any agent for purchase or sale of goods materials services or property,

f. such related party’s appointment to any office or place of profit in the company its subsidiary company or associate company and

g.underwriting the subscription of any securities or derivatives there of the company

Provided that no contract or arrangement in the case of a company having a paid-up share capital of not less than such amount or transaction not exceeding such sum as may be prescribed shall be entered into except with the prior approval of the company by a resolution.

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