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of <h1>Clause 188 of Companies Bill 2011: Board Resolution Needed for Related Party Transactions, with Strict Penalties for Violations.</h1> Clause 188 of the Companies Bill, 2011, regulates related party transactions, requiring Board of Directors' consent via resolution for contracts involving sale, purchase, leasing, services, and appointments with related parties. Transactions must have prior special resolution approval if exceeding prescribed limits, with related parties abstaining from voting. Transactions in the ordinary course of business and on an arm's length basis are exempt. Unauthorized transactions must be ratified within three months or may be voided, with responsible directors indemnifying the company for losses. Violations by directors or employees can lead to fines or imprisonment, especially in listed companies.
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