Clarification on applicability of Regulation 23(4) read with Regulation 23(3)(e) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 in relation to Related Party Transactions
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Omnibus approval validity for material related party transactions clarified, with AGM approvals lasting until the next AGM within fifteen months. The circular clarifies that omnibus approvals by an audit committee are subject to the one year limit under Regulation 23(3)(e). Shareholder omnibus approval for material related party transactions given at an Annual General Meeting is valid only until the next AGM and in no case for more than fifteen months. Omnibus approvals obtained in general meetings other than an AGM shall not exceed one year. Stock exchanges must notify listed entities and publish the circular.
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Provisions expressly mentioned in the judgment/order text.
Omnibus approval validity for material related party transactions clarified, with AGM approvals lasting until the next AGM within fifteen months.
The circular clarifies that omnibus approvals by an audit committee are subject to the one year limit under Regulation 23(3)(e). Shareholder omnibus approval for material related party transactions given at an Annual General Meeting is valid only until the next AGM and in no case for more than fifteen months. Omnibus approvals obtained in general meetings other than an AGM shall not exceed one year. Stock exchanges must notify listed entities and publish the circular.
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