Anita & Rajeev Associates

Update:

1. No audit committee meetings using video conferencing etc for
board approval of stand alone or consolidated financial statement
by board. Companies amendment rules, 14-08-2014.

2. Honourable Supreme Court in the case of CIT vs Reliance Petro
products Pvt. Ltd has held that Penalty U/s 271(1)(c) of the
Income Tax Act cannot be levied merely because an amount is not
allowed or taxed as income

3.Section 188 (Related Party Transaction) after amendment dated
14th Aug 2014 in the companies (Meeting of the board and its
powers ) Rules 2014 is applicable on both Private Company and
Public Company Approval from Board shall required for the
transactions of a company with Related Parties which are not in the
ordinary course of business. for more detail please click on the link
http://www.mca.gov.in/Ministry/pdf/NCA_Rules_16082014.pdf