3 Review(s)

The present work saw the light of the day in 1966. Having completed 51 years of existence, successful or otherwise, only readers can tell, it has now found its way into its Golden Jubilee era. Its successful survival for all these years is the blessing of its readers, for which one has to be thankful. Since the inception of the new Act in 2013 it has invited two amendments, one in 2015 and the other in 2017. The range of amendments is as follows: The requirement of minimum share capital, both in the case of private and public companies has been abolished. In related party transactions, approval of shareholders was required to be by special resolution. Now this requirement has been reduced to that of ordinary resolution. In the case of a related party transaction between a holding company and its wholly owned subsidiary also the requirement of special resolution has been done away with, provided the accounts of the wholly owned subsidiary are consolidated with the accounts of the holding company and placed before the shareholders at a general meeting for approval. In order to align with clause 49 of the listing agreement, Section 177 has been amended to include a proviso to enable the concerned audit committee to provide omnibus approval for related party transactions subject to certain conditions.