MCA vide Notification No. G.S.R. 309(E) on Thursday, 30th March, 2017 notified Companies (Meetings of Board and its Powers) Amendment Rules, 2017 which shall come into force from the date of publication in Official Gazette i.e. 30th March 2017.
Vide said notification in sub-rule (3) of Rule 15 i.e. Contract or arrangement with a related party following amendment has been made:
- In item (i), (ii), (iii) and (iv), for the words “exceeding ten per cent.” wherever they occur, the words “amounting to ten per cent. or more” shall be substituted; and
- In item (iii), for the words “ten per cent. of turnover” the words “ten per cent. or more of turnover” shall be substituted.
The said notification can be accessed at the following link:MCA NotiNo.GSR309(E)_30.03.2017_Co (MeetingsofBoard)AmndRules2017