Omnibus approval for related party transactions: Audit Committee may grant annual approvals subject to prescribed criteria and safeguards. The amendment allows the Audit Committee, with Board approval, to grant annual omnibus approval for related party transactions subject to specified criteria: aggregate and per transaction value limits, disclosure requirements, periodic review, excluded transaction categories, consideration of repetitiveness and justification, and a one year validity; omnibus approvals must specify related parties, transaction nature and duration, maximum amounts, indicative pricing and variation formulae, and other material information, and cannot apply to sale or disposal of the company's undertaking.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Omnibus approval for related party transactions: Audit Committee may grant annual approvals subject to prescribed criteria and safeguards.
The amendment allows the Audit Committee, with Board approval, to grant annual omnibus approval for related party transactions subject to specified criteria: aggregate and per transaction value limits, disclosure requirements, periodic review, excluded transaction categories, consideration of repetitiveness and justification, and a one year validity; omnibus approvals must specify related parties, transaction nature and duration, maximum amounts, indicative pricing and variation formulae, and other material information, and cannot apply to sale or disposal of the company's undertaking.
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