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Related Party Transactions The Companies Act 2013

FICCI - ICSI Conference on the Companies Act 2013 A New Law for a New Era. Related Party Transactions The Companies Act 2013. B. Murli Senior Vice President - Legal & Company Secretary Nestlé India Limited 12 th September 2013. Broad definition of Related Party. New Definition.

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Related Party Transactions The Companies Act 2013

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  1. FICCI - ICSI Conference on the Companies Act 2013 A New Law for a New Era Related Party TransactionsThe Companies Act 2013 B. Murli Senior Vice President - Legal & Company Secretary Nestlé India Limited 12th September 2013

  2. Broad definition of Related Party • New Definition • The Companies Act 2013 • KMP & Relatives • Fellow Subsidiaries & Associate Companies • Draft Rules • Directors, KMP& Relatives : • Holding/Subsidiary/Associates • Senior Management : • Company/Holding/Subsidiary/Associates

  3. Approvals • Audit Committee • Approval/modification of transactions • Board of Directors • Ordinary course of business • Normal course of business not on Arm’s length basis • Arm’s length basis • Shareholders (Not interested) • Prior special resolution if paid-up share capital or transactions above threshold notified 4

  4. Preparedness • Proactive Approach • Best Practices for ‘proposed’ RPTs • Independent professional certification & support documentations • Knowledge Building

  5. Draft Rules • Materiality test for RPTs • Extent of Deemed Related Party • Your views

  6. Thank you

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