Thresholds for board approvals revised: monetary caps removed and a turnover based percentage test adopted for applicability. The 2019 amendment to the Companies (Meetings of Board and its Powers) Rules revises rule 15(3)(a) by removing specified monetary caps from sub clauses (i), (ii) and (iv) and substituting sub clause (iii)'s mixed net worth/turnover/monetary test with a sole turnover based percentage test; it is titled the Second Amendment Rules, 2019 and takes effect on publication in the Official Gazette under the Companies Act rule making provisions.
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Thresholds for board approvals revised: monetary caps removed and a turnover based percentage test adopted for applicability.
The 2019 amendment to the Companies (Meetings of Board and its Powers) Rules revises rule 15(3)(a) by removing specified monetary caps from sub clauses (i), (ii) and (iv) and substituting sub clause (iii)'s mixed net worth/turnover/monetary test with a sole turnover based percentage test; it is titled the Second Amendment Rules, 2019 and takes effect on publication in the Official Gazette under the Companies Act rule making provisions.
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