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of <h1>Amendment to Companies Rules: Audit Committees Can Grant Omnibus Approval for Related Party Transactions Annually, Rule 6A Introduced.</h1> The Companies (Meetings of Board and its Powers) Amendment Rules, 2015, issued by the Ministry of Corporate Affairs, introduce changes to the 2014 rules under the Companies Act, 2013. Key amendments include the introduction of Rule 6A, which allows Audit Committees to grant omnibus approval for related party transactions annually, subject to specific criteria such as transaction value limits and disclosure requirements. Omnibus approvals are valid for one financial year and cannot be used for selling or disposing of company undertakings. Additionally, Rule 10 is omitted, and the term 'special resolution' is replaced with 'resolution' in Rule 15(3).
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