Definition changes expand company definitions and related-party tests, revise KMP scope and restate turnover consequences. Amendments revise definitions: significant influence (control of at least twenty percent voting power or agreement-based participation), joint venture (rights to net assets), and Cost Accountant (aligned with Cost and Works Accountants Act with certificate). Certain RBI instruments and prescribed instruments issued by companies are excluded from 'debenture.' 'Associate company' is added alongside subsidiary; 'company' includes any body corporate; one definition clause is omitted. Key managerial personnel is expanded, profit and loss balances are included in balance-sheet terminology, related-party tests are broadened to include holding, subsidiary, associate and investing company relationships, thresholds and measurement timing are revised, and turnover is redefined as gross revenue recognised in the profit and loss account.
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Provisions expressly mentioned in the judgment/order text.
Definition changes expand company definitions and related-party tests, revise KMP scope and restate turnover consequences.
Amendments revise definitions: significant influence (control of at least twenty percent voting power or agreement-based participation), joint venture (rights to net assets), and Cost Accountant (aligned with Cost and Works Accountants Act with certificate). Certain RBI instruments and prescribed instruments issued by companies are excluded from "debenture." "Associate company" is added alongside subsidiary; "company" includes any body corporate; one definition clause is omitted. Key managerial personnel is expanded, profit and loss balances are included in balance-sheet terminology, related-party tests are broadened to include holding, subsidiary, associate and investing company relationships, thresholds and measurement timing are revised, and turnover is redefined as gross revenue recognised in the profit and loss account.
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