https://www.taxtmi.com/acts?id=15623 Related party contracts and arrangements touching sale, purchase, lease, services, agency, offices or places of profit, or underwriting require Board resolution and prescribed conditions; larger transactions also need company approval by special resolution with related-party members barred from voting. Ordinary course arm's length transactions are exempt. Such contracts must be reported in the Board's report with justification. Unauthorised contracts not ratified within three months are voidable at the Board's option, and directors who entered into or authorised violations must indemnify the company and face criminal and monetary penalties, including enhanced sanctions for listed company directors. en-us Thu, 22 Dec 2011 10:41:00 +0530 Thu, 22 Dec 2011 10:41:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=15623 Related party contracts and arrangements touching sale, purchase, lease, services, agency, offices or places of profit, or underwriting require Board resolution and prescribed conditions; larger transactions also need company approval by special resolution with related-party members barred from voting. Ordinary course arm's length transactions are exempt. Such contracts must be reported in the Board's report with justification. Unauthorised contracts not ratified within three months are voidable at the Board's option, and directors who entered into or authorised violations must indemnify the company and face criminal and monetary penalties, including enhanced sanctions for listed company directors. Act-Rules Bills Thu, 22 Dec 2011 10:41:00 +0530 https://www.taxtmi.com/acts?id=15623