AnonymousAnonymous asked 6 months ago
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RaviRavi Staff answered 6 months ago

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Section 2 Sub Section (76)

(76)
 
“related party”, with reference to a company, means—

(i)
 
a director or his relative;

(ii)
 
a key managerial personnel or his relative;

(iii)
 
a firm, in which a director, manager or his relative is a partner;

(iv)
 
a private company in which a director or manager 76[or his relative] is a member or director;

(v)
 
a public company in which a director or manager is a director 77[and] holds along with his relatives, more than two per cent of its paid-up share capital;

(vi)
 
any body corporate whose Board of Directors, managing director or manager is accustomed to act in accordance with the advice, directions or instructions of a director or manager;

(vii)
 
any person on whose advice, directions or instructions a director or manager is accustomed to act:

 
 
Provided that nothing in sub-clauses (vi) and (vii) shall apply to the advice, directions or instructions given in a professional capacity;

See from 16:45
 

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