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    Related Party Transaction

    Posted By : Sachin / Published on : 07-Dec-2022 06:08 AM / View : 786 / Comment : 2

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    Hi Everyone,

    Will the following person is considered as a Related Party in a Private Company:

    1. Private Trust who is a shareholder of the Pvt Company
    2. Public Trust who is a shareholder of the Pvt Company
    Read more on : transaction party related

    • As per Section 2(76) of the Companies Act, 2013, a "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 or his relative is a member or director; (v) a public company in which a director or manager is a director 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.

      Based on the above definition, private trusts and public trusts would not be considered related parties of a private company solely based on their shareholding in the company. The relationship between the private company and the trusts would be that of a shareholder and the company. However, if any of the criteria mentioned in (i) to (vii) of the definition of related party are met, then the concerned person or entity would be considered a related party.

      10-04-2023 / 11:52:19 AM
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      18-03-2024 / 09:40:53 AM
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