{"id":12432,"date":"2020-05-03T16:06:31","date_gmt":"2020-05-03T16:06:31","guid":{"rendered":"https:\/\/www.cagmc.com\/?p=12432"},"modified":"2024-06-04T12:03:05","modified_gmt":"2024-06-04T06:33:05","slug":"related-party-transaction-section-188-of-companies-act-2013","status":"publish","type":"post","link":"https:\/\/www.cagmc.com\/blog\/related-party-transaction-section-188-of-companies-act-2013\/","title":{"rendered":"Related party transaction- Section 188 of  Companies Act 2013"},"content":{"rendered":"<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"padding: 10px;\"><strong>Table of Content<\/strong><\/p>\n<ul>\n<li><a href=\"#intro\">Introduction<\/a><\/li>\n<li id=\"introduction\"><a href=\"#meaning\">Meaning of related party<\/a><\/li>\n<li><a href=\"#related\">Related party transactions<\/a><\/li>\n<li><a href=\"#board\">Boards\u2019 Approval<\/a><\/li>\n<li><a href=\"#shareholders\">Shareholders\u2019 Approval<\/a><\/li>\n<li><a href=\"#party\">Related Party Transactions which require shareholders\u2019 approval<\/a><\/li>\n<li><a href=\"#compliance\">Exemption from related party compliance<\/a><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3 style=\"font-size: 20px !important; color: #1e82b6;\">Introduction:<\/h3>\n<p>The concept of related party under Section 188 \u00a0was introduced in <a href=\"https:\/\/www.cagmc.com\/statutory-registers-as-per-companies-act-2013\/\">Companies Act 2013<\/a>, to increase the transparency and to keep a vigilance upon all the transactions, and to have<\/p>\n<p>enhanced accountability for key management of related party transaction. It is very important to consider all the aspects before entering into any related party transactions and what all approvals are required. In this article we are going to analyse the aspects related to related party transactions.<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" id=\"meaning\" class=\"alignnone wp-image-15307 size-full\" src=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/05\/Related-party-transaction-Section-188-of-Companies-Act-2013-1.png\" alt=\"Related party transaction- Section 188 of Companies Act 2013\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/05\/Related-party-transaction-Section-188-of-Companies-Act-2013-1.png 1200w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/05\/Related-party-transaction-Section-188-of-Companies-Act-2013-1-300x158.png 300w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/05\/Related-party-transaction-Section-188-of-Companies-Act-2013-1-1024x538.png 1024w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/05\/Related-party-transaction-Section-188-of-Companies-Act-2013-1-768x403.png 768w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/05\/Related-party-transaction-Section-188-of-Companies-Act-2013-1-615x323.png 615w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/05\/Related-party-transaction-Section-188-of-Companies-Act-2013-1-400x210.png 400w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/05\/Related-party-transaction-Section-188-of-Companies-Act-2013-1-292x153.png 292w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<h3 style=\"font-size: 20px !important; color: #1e82b6;\">Meaning of related party:<\/h3>\n<p>As per the provisions of Section 2(76) of the Company&#8217;s Act 2013 related party, with reference to a company, means:<\/p>\n<div class=\"tableresp\">\n<table style=\"border: 1px solid #ddd; text-align: left; margin-left: 15px;\" width=\"100%\">\n<tbody>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px; width: 20%;\"><strong>S. No.<\/strong><\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px; width: 80%;\"><strong>Related Parties<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">1.<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">A director or his relative<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">2.<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Key managerial personnel or his relative<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">3.<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">A firm in which a director, manager, or relative is a partner<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">4.<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">A private company in which a director, manager, or relative is a member or director<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">5.<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">A public company in which a director or manager is a director and holds along with his relatives more than 2% of its paid-up capital<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">6.<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Body corporate whose board of directors, MD or manager are required to act in accordance with the advice, directions of a director or manager (In cases these directions are given in\u00a0 professional capacity &#8211; NA)<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">7.<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Any person on whose advice, directions a director or manager is required to act ((In cases these directions are given in\u00a0 professional capacity \u2013 NA)<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">8.<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Any body corporate which is:<\/p>\n<p>a)\u00a0\u00a0\u00a0 Holding, Subsidiary or Associate of such company<\/p>\n<p>b)\u00a0\u00a0\u00a0 Any company which is subsidiary of a holding company to which it is also a subsidiary<\/p>\n<p>c)\u00a0\u00a0\u00a0 an investing company or the venturer of the company<\/td>\n<\/tr>\n<tr id=\"related\">\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">9.<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">a director (Excludes independent director or) key managerial personnel of the holding company or his relative with reference to a company,<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<h3 id=\"board\" style=\"font-size: 20px !important; color: #1e82b6;\">Related party transactions:<\/h3>\n<p>Section 188 of the Companies Act, 2013 and Rule 15 of The Companies <a href=\"https:\/\/www.mca.gov.in\/Ministry\/pdf\/NCARules_Chapter12.pdf\" target=\"_blank\" rel=\"noopener\">(Meetings of Board and its Powers) Rules, 2014<\/a> specifies the related party transactions and necessary compliance requirement.<\/p>\n<h3 id=\"shareholders\" style=\"font-size: 20px !important; color: #1e82b6;\">Boards\u2019 Approval<\/h3>\n<p>If any company enters into any contract or arrangement with related party with respect to the specified transactions, they have to pass a board resolution regarding the same. The board meeting shall be conducted and the agenda of the meeting shall disclose all the factors determining the related party transaction.<\/p>\n<h3 id=\"party\" style=\"font-size: 20px !important; color: #1e82b6;\">Shareholders\u2019 Approval<\/h3>\n<p>No company shall enter into any specified transactions except with the approval of shareholder by passing an ordinary resolutions where paid up share capital and transactions exceeds the prescribed limits.<\/p>\n<h3 style=\"font-size: 20px !important; color: #1e82b6;\">Related Party Transactions which require shareholders\u2019 approval<\/h3>\n<p>The networth and turnover shall be computed on the basis of audited financial statement of previous year.<\/p>\n<div class=\"tableresp\">\n<table>\n<tbody>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><strong>S.No.<\/strong><\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><strong>Contracts\/Transactions<\/strong><\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><strong>Threshold Limit<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">1<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Sale, purchase or supply of any goods or materials or through agents<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">10% or more of turnover<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">2<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Leasing of property of any kind<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">10% or more of turnover<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">3<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Availing or rendering of any services or through agents<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">10% or more of turnover<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">4<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Selling or otherwise disposing of, or buying, property of any kind or through agents<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">10% of the networth of the company<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">5<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Any related party appointment to any office or place of profit in the company, its subsidiary company or associate company<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Monthly remuneration exceeding Rs. 2.50 Lakhs<\/td>\n<\/tr>\n<tr id=\"exemption\">\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">6<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Underwriting the subscription of any derivatives or securities of the company<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Remuneration exceeding 1% of the net worth<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>The networth and turnover shall be computed on the basis of audited financial statement of previous year.<\/p>\n<h3 style=\"font-size: 20px !important; color: #1e82b6;\">Exemption from related party compliance<\/h3>\n<ul>\n<li>Transaction carried out in ordinary course of business<\/li>\n<li>Transactions are carried out on arms\u2019 length basis.<\/li>\n<li>Any type of transactions carried out between holding company and its wholly owned subsidiary whose accounts are consolidated and kept for approval in annual general meeting.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Table of Content Introduction Meaning of related party Related party transactions Boards\u2019 Approval Shareholders\u2019 Approval Related Party Transactions which require 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https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Section 188 of Companies Act 2013 : Related party transaction - CAGMC<\/title>\n<meta name=\"description\" content=\"Read about Related party transaction- Section 188 of Companies Act 2013, Procedure for changing name of llp, Penalty for violation, etc.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.cagmc.com\/blog\/related-party-transaction-section-188-of-companies-act-2013\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Section 188 of Companies Act 2013 : Related party transaction - CAGMC\" \/>\n<meta property=\"og:description\" content=\"Read about Related party transaction- Section 188 of Companies Act 2013, Procedure for changing name of llp, Penalty for violation, etc.\" \/>\n<meta property=\"og:url\" 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