parties related benefiting effect purpose
Hello All.
What needs to be done when the proposed name applied has already been reserved but due to some issues like (Category/Spelling mistakes etc.), the applicant wants to reapply with the same name?
Dear All,
What is the functionality of Extend the name in Spice + Part A?
Hello all,
Does MD or ED of the company related to promoter group, fall under the
definition of employees for the purpose of ESOP?
Hello All
Want to know that if all the Resident shareholders transfer holdings to one foreign entity and in attachment of form FCTRS in pre-post shareholding if we shows two nominee shareholder of foreign body corporate also show the nominee shareholder in share purchase agreement and we have filed form FCTRS,
Hello All,
Is there is any relaxation in stamp duty payment on transfer of shares of Section 8 Company?
duty stamp relaxation
Hello All,
Is there a blanket ban on communication/ procurement of UPSI? Are there any exemptions?
upsi procurement communication blanket
Dear All,
Is it mandatory that the name of section 8 Company shall include the words like – Foundation, forum, association, federation, chamber, confederation, Council, electoral trust etc.?
Hello All,
Suppose, a person is holding 24% of paid up equity capital of an NBFC and
acquires additional 2% of paid up equity capital. Does the transfer require a prior approval of the RBI?
Yes, it is the responsibility of the audit committee to ensure that transactions with unrelated parties do not have the purpose and effect of benefiting related parties. The audit committee is responsible for overseeing the financial reporting process of the company, including ensuring compliance with accounting standards, internal control systems, and legal and regulatory requirements.
One of the key roles of the audit committee is to review and oversee related party transactions. Related party transactions are those transactions that take place between a company and its related parties, which may include directors, key managerial personnel, their relatives, and companies controlled by them. Such transactions may pose a risk of conflict of interest, and it is the responsibility of the audit committee to ensure that these transactions are conducted at arm's length and in compliance with the relevant laws and regulations.
The audit committee should review and approve related party transactions and ensure that they are properly disclosed in the financial statements. The committee should also ensure that the transactions are conducted on fair and reasonable terms, and that they do not result in any undue benefit to related parties.
In addition, the audit committee should ensure that there are adequate internal control systems and processes in place to identify, monitor and report related party transactions. The committee should also ensure that management has implemented appropriate policies and procedures to manage related party transactions, and that they are regularly reviewed and updated as necessary.
Overall, it is the responsibility of the audit committee to ensure that the company's financial reporting process is transparent, reliable, and compliant with the applicable laws and regulations, and that related party transactions are conducted in an ethical and proper manner.