The Ministry of Corporate Affairs has exempted private companies from certain provisions of the Companies Act, 2013, through a notification dated 5 June. The exemptions are outlined below.
(i) The definition of “related party” with respect to section 2(76) will not apply to section 188. Now, a private company can enter into a contract or arrangement with a holding, subsidiary or associate company or a sister concern without the consent of the board of directors with respect to transactions listed under section 188.
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The business law digest is compiled by Nishith Desai Associates (NDA). NDA is a research-based international law firm with offices in Mumbai, New Delhi, Bangalore, Singapore, Silicon Valley and Munich. It specializes in strategic legal, regulatory and tax advice coupled with industry expertise in an integrated manner.
