{"id":39012,"date":"2022-09-26T13:13:33","date_gmt":"2022-09-26T07:43:33","guid":{"rendered":"https:\/\/www.cagmc.com\/?p=39012"},"modified":"2024-06-01T14:51:28","modified_gmt":"2024-06-01T09:21:28","slug":"related-party-transactions","status":"publish","type":"post","link":"https:\/\/www.cagmc.com\/blog\/related-party-transactions\/","title":{"rendered":"Overview of Related Party and Related Party Transactions"},"content":{"rendered":"<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-39017 size-full\" title=\"Related Party Transactions\" src=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/09\/Overview-of-Related-Party-and-Related-Party-Transaction.png\" alt=\"Overview of Related Party Transactions\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/09\/Overview-of-Related-Party-and-Related-Party-Transaction.png 1200w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/09\/Overview-of-Related-Party-and-Related-Party-Transaction-300x158.png 300w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/09\/Overview-of-Related-Party-and-Related-Party-Transaction-1024x538.png 1024w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/09\/Overview-of-Related-Party-and-Related-Party-Transaction-615x323.png 615w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/09\/Overview-of-Related-Party-and-Related-Party-Transaction-400x210.png 400w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/09\/Overview-of-Related-Party-and-Related-Party-Transaction-292x153.png 292w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/>The Companies Act 2013 was introduced to incentivize companies to follow the &#8220;Jet Set Go&#8221; motto, with compliance and transparency being key. Among the diverse issues outlined in this act, there has been a revolution in Related Party Transactions, a term that has made all companies nervous about the complexity surrounding it for many years.<\/span><\/p>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"border: 1px solid #555;\">\n<p style=\"text-align: justify;\"><b>Table of content<\/b><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#is\"><span style=\"font-weight: 400;\">What is a related party?\u00a0<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#a\"><span style=\"font-weight: 400;\">Who is a related party?\u00a0<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#party\"><span style=\"font-weight: 400;\">Meaning of related party transaction<\/span><\/a><\/li>\n<li aria-level=\"1\"><a href=\"#points\">Important points<\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#of\"><span style=\"font-weight: 400;\">Example of Related-Party Transaction<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#and\"><span style=\"font-weight: 400;\">SEBI Governs Related Parties and Related Party Transactions<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#for\"><span style=\"font-weight: 400;\">Need for Special Approval<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Conclusion\"><span style=\"font-weight: 400;\">Conclusion<\/span><\/a><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"is\"><b>What is a related party?\u00a0<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Related parties include parent companies, subsidiaries, affiliates, joint ventures, or a company or entity that is controlled or significantly influenced or directed by a person who is a related party. IAS 24 IFRS covers related parties. The objective of IAS 24 is to ensure that an entity&#8217;s financial statements contain the disclosures necessary to raise the possibility that its financial position and profit or loss may have been affected by the existence of related parties and transactions and outstanding balances, including liabilities, with such parties.<\/span><\/p>\n<h2 id=\"a\"><b>Who is a related party?\u00a0<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">A related party relating to the Companies Act 2013 is here:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Directors or his relatives.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">key management personnel or their relatives.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A company in which an executive, or his relative, is a partner.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A public company in which a director or manager is a director or holds more than 2% of its paid-up share capital with a relative<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A private company in which a member or director is a director or member<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Any company whose board of directors, chief executive, or manager is accustomed to acting in accordance with the advice, instructions, or mandate of the director or manager.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">one individual whose advice, instructions, director, or management is customary for the company<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Any company that is a holding company, subsidiary, or affiliate of that company<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A director or key management personnel of a holding company, it&#8217;s subsidiary or affiliate, or a relative thereof<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Any company that is a subsidiary of a holding company is also a subsidiary.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Any person appointed by the senior management of the company or its holding company, subsidiary, or affiliated company, who is an employee of the company or its holding company, subsidiary company, or affiliated company, and who is the core management team, with the exception of the <a href=\"https:\/\/www.cagmc.com\/board-meetings-restrictions-on-powers-of-board-of-directors\/\" target=\"_blank\" rel=\"noopener\">board of directors<\/a>, consisting of all members of management one level below executive directors, including functional leaders.\u00a0<\/span><\/li>\n<\/ul>\n<h2 id=\"party\"><b>Meaning of related party transaction<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The term &#8220;related party transaction&#8221; refers to a trade or arrangement between two parties that are connected by a pre-existing business relationship or common interest. Companies often seek business deals with parties they know or who have a common interest. Although related party transactions are legal in themselves, they may create conflicts of interest or lead to other illegal situations. Public companies must disclose these transactions.<\/span><\/p>\n<h2 id=\"points\"><b>Important points<\/b><\/h2>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A related party transaction is an arrangement between two parties that have a pre-existing business relationship.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Some, but not all, related-party transactions carry an inherent potential for conflicts of interest, so they are carefully scrutinized by regulatory agencies.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Without control, the abuse of related party transactions could lead to fraud and financial ruin for all parties involved.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">US regulators ensure that related party transactions are conflict-free and do not negatively impact shareholder value or corporate profits.<\/span><\/li>\n<\/ul>\n<h2 id=\"of\"><b>Example of related party transactions<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Enron was a US-based energy and commodities company headquartered in Houston. In an infamous 2001 scandal, the company used related party transactions with special entities to help hide billions of dollars in debt from failed business ventures and investments. Connected people misled the board of directors, its audit committee, employees, and the public.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">These fraudulent related party transactions led to Enron&#8217;s bankruptcy, prison sentences for its executives, loss of employee and shareholder pensions and savings, and the bankruptcy and closure of Arthur Andersen, Enron&#8217;s auditor, who was found guilty of federal crimes and SEC violations.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">This financial disaster led to the drafting of the Sarbanes-Oxley Act of 2002, which established new and expanded existing requirements for boards, management, and public accounting firms in the US, including specific rules that limit conflicts of interest arising from related-party transactions.<\/span><\/p>\n<h2 id=\"and\"><b>SEBI Governs Related Parties and Related Party Transactions<\/b><\/h2>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\"><a href=\"https:\/\/www.sebi.gov.in\/\" target=\"_blank\" rel=\"noopener\">SEBI<\/a> Regulation 49 also sets out certain regulatory requirements for related party transactions. It defines a related party transaction as a transaction that involves the transfer of resources\/services\/liabilities.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Its scope is wider than that of the Companies Act 2013. It includes close family members of directors or key executives, a private company in which directors or key executives and their relatives have control or substantial influence.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Shareholders must approve any related party transaction that is material by special resolution and all related parties will not be allowed to vote on such resolutions.<\/span><\/li>\n<\/ul>\n<h2 id=\"for\"><b>Need for special approval<\/b><\/h2>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">In addition to the board of directors&#8217; approval, the members&#8217; prior approval must be obtained by special resolution before entering into a transaction with a related party. It applied to all related party transactions in the case of companies that paid up share capital of ten million or more.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Purchase, sale, or supply of any material or goods in excess of 20% of annual turnover, either directly or through the appointment of agents<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The sale or liquidation of any assets in excess of ten percent of the net assets, either directly or through the appointment of agents.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Leasing property worth more than 10% of one&#8217;s net worth<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Using or providing services in excess of 10% of net worth, either directly or through the appointment of representatives<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Compensation for underwriting a deposit of the firm&#8217;s securities or derivatives in excess of one percent of its net worth<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">In the event of a special resolution of an extraordinary general meeting, no member of the company who is a connected person shall vote on such special resolutions intended to approve any arrangement into which the company may enter. A special resolution passed by the holding company will be deemed appropriate for entering into transactions between the wholly-owned subsidiary and the holding company.<\/span><\/li>\n<\/ul>\n<h2 id=\"Conclusion\"><b>Conclusion<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">As the economy globalizes,\u00a0 the numerous processes in the research and development, manufacture,\u00a0 sale, and distribution of goods or services increasingly are performed by separate entities within a multinational group and the flow of products and services through intercompany transactions frequently involves two or more countries. In these circumstances, the related party transactions become very important for a company, all the more so as they bear a lot of implications in various fields.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Companies Act 2013 was introduced to incentivize companies to follow the &#8220;Jet Set Go&#8221; motto, with compliance and transparency [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":39017,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[70],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Related Party Transactions - Goyal Mangal &amp; 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