Definitions amendment: expanded 'significant influence', 'turnover', and associate company definitions alter company classification and compliance requirements. Amendments to the Companies Act definition section revise core company definitions and explanatory notes: significant influence is defined as control of at least twenty per cent. of total voting power or participation in business decisions under agreement; 'joint venture' is clarified as rights to net assets; Cost Accountant definition updated to require a valid certificate of practice; certain RBI instruments and prescribed instruments are excluded from being treated as debentures; associate company and investing company definitions are expanded; Key Managerial Personnel scope is broadened; accounting references and monetary thresholds are increased; and 'turnover' is redefined as gross revenue recognised in the profit and loss account for a financial year.
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Provisions expressly mentioned in the judgment/order text.
Definitions amendment: expanded 'significant influence', 'turnover', and associate company definitions alter company classification and compliance requirements.
Amendments to the Companies Act definition section revise core company definitions and explanatory notes: significant influence is defined as control of at least twenty per cent. of total voting power or participation in business decisions under agreement; "joint venture" is clarified as rights to net assets; Cost Accountant definition updated to require a valid certificate of practice; certain RBI instruments and prescribed instruments are excluded from being treated as debentures; associate company and investing company definitions are expanded; Key Managerial Personnel scope is broadened; accounting references and monetary thresholds are increased; and "turnover" is redefined as gross revenue recognised in the profit and loss account for a financial year.
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