Materiality threshold for specified transactions revised to a quantitative level now triggering board approval and disclosure obligations. The amendment substitutes the phrase 'exceeding ten per cent.' with 'amounting to ten per cent. or more' in items (i)-(iv) of rule 15(3)(a), and replaces 'ten per cent. of turnover' with 'ten per cent. or more of turnover' in item (iii) of rule 15(3)(a), thereby making the threshold inclusive and triggering board procedures and disclosures accordingly; the rules take effect on publication in the Official Gazette.
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.
Materiality threshold for specified transactions revised to a quantitative level now triggering board approval and disclosure obligations.
The amendment substitutes the phrase "exceeding ten per cent." with "amounting to ten per cent. or more" in items (i)-(iv) of rule 15(3)(a), and replaces "ten per cent. of turnover" with "ten per cent. or more of turnover" in item (iii) of rule 15(3)(a), thereby making the threshold inclusive and triggering board procedures and disclosures accordingly; the rules take effect on publication in the Official Gazette.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
