Meaning of Related Party Under Company Act 2013

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1. Section 2 sub section 76 has defined the meaning of related party for the purpose of disclosure of related party transaction wherever required. In reference to Company related party means.
2. Director of the company and his related.
3. Key person of the company i.e. managerial personnel of the company and his relative.
4. Meaning of related party extended and includes a firm in which director of the company or manager and their relative is a partner.
5. A private company in which director or manager and their relative is a member or director of the company comes within the meaning of related party.
6. Any public limited company in which director or manager and their relative, who possess shareholding more than 10% of paid of share capital of the company.
7. BOD or Managing Director or Manager of any body-corporate who are accustomed to act in the accordance with instruction or direction or advice of a manager or director.
8. If the Director or manager of the company accustomed to act on the director or advice or instruction but this condition do not apply if the director or instruction is being given in a professional capacity.
9. A company which is

(a)  An associates company or holding or subsidiary of such company

(b)  A subsidiary of their holding company

(c)   Other person as may be prescribed from time to time.

Procedure For Appointment of Company Auditor

Section 139 of the Companies act 2013 govern the procedure for appointment of auditor. 139. Section 139 stipulates that Subject to the provisions of this Chapter every company must appoint at its first annual general meeting an individual Chartered Accountant or a firm of Chartered Accountant as an auditor and who shall hold position as an auditor from the conclusion of first AGM till the conclusion of its 6th annual general meeting and thereafter until the conclusion of every 6th meeting and the way and the procedure for selection of the auditors by the members of the company at such meeting as may be prescribed

Provided that the company can place the matter relating appointment of Company Auditor for ratification by its members at each annual general meeting:

Provided further that before Appointment Company auditor is made there need written consent of the proposed auditor for such appointment and there need to get a certificate from proposed auditor for appointment.

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