Companies (Meetings of Board and its Powers) Second Amendment Rules, 2015
Central government has notified Companies (Meetings of Board and its Powers) Second Amendment Rules, 2015 via notification dated 14 th December , 2015 to amend the Companies (Meetings of Board and its Powers) Rules, 2014 and inserted the following rule 6A after rule 6 of the Companies (Meetings of Board and its Powers) Rules, 2014: "6A. Omnibus approval for related party transactions on annual basis.- All related party transactions shall require approval of the Audit Committee and the Audit Committee may make omnibus approval for related party transactions proposed to be entered into by the company subject to the following conditions, namely:- (1) The Audit Committee shall, after obtaining approval of the Board of Directors, specify the criteria for making the omnibus approval which shall include the following, namely:- (a) ...