MCA has notified the Companies (Meetings of Board and its Powers) Amendment Rules, 2017 which shall come into force on the date of their publication in the Official Gazette i.e 30-03-2017. The amendments are being carried out to clarify the intent and to remove the ambiguity w.r.t the contracts or arrangements with the related party. Accordingly, the provisions are now made applicable if the turnover is exactly 10%. The words “exceeding ten per cent.” wherever they occur, the words “amounting to ten per cent. or more” shall be substituted.
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