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          <h1>Section 188 of Companies Act: Board Approval Needed for Related Party Transactions; Penalties for Violations Up to INR 25 Lakh.</h1> Section 188 of the Companies Act, 2013, governs related party transactions, requiring Board of Directors' consent via resolution for contracts involving sales, purchases, leasing, services, agent appointments, office of profit appointments, and underwriting. Transactions exceeding prescribed limits need company approval by resolution, excluding voting by related members. Exceptions include transactions in the ordinary course of business at arm's length and dealings between a holding company and its wholly owned subsidiary. Unapproved contracts are voidable, with directors liable for losses. Violations incur penalties: INR 25 lakh for listed companies and INR 5 lakh for others.

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