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The Ministry of Corporate Affairs (“MCA”) notified on June 5, 2015 that certain provisions of the Companies Act, 2013 (“2013 Act”) shall not apply to private limited companies The Notification provides that, in relation to a private company, the entities specified in Section 2(76)(viii) of the 2013 Act (i.e., the Group Companies) would not be considered related parties for the purposes of Section 188. Since the Notification does not exempt private companies from the applicability of Section 2(76)(iv) of the 2013 Act, if the directors or managers in one private company are directors or members in another private company, a transaction between the two such companies would be considered as a related party transaction despite the exemption granted from Section 2(76)(viii). Therefore, if the intent is to exempt private companies from related party transactions , then section 2(76)(iv) should be not be applicable to private companies.

Section 2 - Definitions

Posted By: Pooja sehgal mehtani 8 year(s) ago

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    amisha

You are right, both Section 2(76)(viii) and Section 2(76)(iv) are co-related as far as Private Limited Companies are concern. But as per interpretation i think only associate company, holding company and subsidiary company of private company are not included but other than that Companies are included by virtue of Section 2(76)(iv). Also agree @ Section 2(76)(iv) should be not be applicable to private companies. (By Uttam Patel)

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