https://www.taxtmi.com/news?id=15585 The Audit Committee must pre approve or modify all related party transactions, subject to Board or shareholder approval under Section 188; for transactions not covered by Section 188 the Committee may recommend to the Board. A mechanism for limited post facto ratification with safeguards and an upper monetary threshold is proposed. Related party approvals between holding companies and wholly owned subsidiaries for matters not requiring Board approval need not require Audit Committee approval, and Section 177 should be amended accordingly. en-us Tue, 02 Feb 2016 19:15:57 +0530 Tue, 02 Feb 2016 19:15:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=15585 The Audit Committee must pre approve or modify all related party transactions, subject to Board or shareholder approval under Section 188; for transactions not covered by Section 188 the Committee may recommend to the Board. A mechanism for limited post facto ratification with safeguards and an upper monetary threshold is proposed. Related party approvals between holding companies and wholly owned subsidiaries for matters not requiring Board approval need not require Audit Committee approval, and Section 177 should be amended accordingly. News - Tue, 02 Feb 2016 19:15:57 +0530 https://www.taxtmi.com/news?id=15585