, which is significant for the corporate landscape, interactions between a company, and encompassing several financial dealings. These transactions are not inherently irrelevant, need scrutiny as per the potential for conflicts of interest and impact that they can have on corporate governance and financial reporting.\u00a0<\/span><\/p>\nRelated parties are bodies or individuals, which have the capability to influence or be influenced by a company in its decision-making processes. This may include the close family members; key management personnel; and entities are under common control.\u00a0<\/span><\/p>\nThere are certain types of related party transactions:<\/span><\/p>\n\n- Sales and purchases:<\/b> It means selling and buying of products, assets, or services between the company and its related parties.<\/span><\/li>\n
- Employment Agreement:<\/b> Benefits, compensation or other arrangements with key management personnel or their close members of family.<\/span><\/li>\n
- Financial transactions:<\/b> Advances, loans, guarantees, or other financial assistance given to or received from related parties.<\/span><\/li>\n
- Leasing Arrangements: <\/b>Rental agreements for equipment or property involving related parties.<\/span><\/li>\n<\/ul>\n
As per the provision of <\/span>section 188 of the companies act, 2013<\/b>, provides the rules and process governing related party transactions, such as disclosure needs and approval mechanisms. On the other side, the AS-18 issued by accounting standard boards or regulatory bodies, gives guidance on the accounting treatment and disclosure of related party transactions in financial statements.<\/span><\/p>\nSignificance of Related Party Transactions (RTP)<\/b><\/h2>\n
There is certain significance of related party transactions for companies:<\/span><\/p>\n\n- Related parties are generally interested in the guarantees of companies, in which the transactions are happened efficiently.<\/span><\/li>\n
- As there is existing relationship, the parties are having their confidence and trust about the transactions is improved.<\/span><\/li>\n
- Its outcome is to fruitfully negotiates over the terms and conditions of an agreement and contract, which reduces the costs.<\/span><\/li>\n<\/ul>\n
Comparative study about the Section 188 of Companies Act, 2013 and AS-18<\/b><\/h2>\n
The comparative analysis of the <\/span>section 188 of Companies Act, 2013<\/b> and AS-18 are:<\/span><\/p>\n\n\n\n| S. No.<\/span><\/td>\n | Particulars<\/span><\/td>\n | Section 188 of the Companies Act, 2013<\/b><\/td>\n | AS-18<\/b><\/td>\n<\/tr>\n\n\n\n- <\/li>\n<\/ol>\n<\/td>\n
| Mandatory disclosure is needed to be created by the Companies<\/span><\/td>\n | Each contract or arrangement entered by the company should be mentioned in the report of board and shown to shareholders with explanation for entering into some kind of contract and arrangements. This provision is mentioned under <\/span>section 188 of the Companies Act, 2013<\/b>.<\/span><\/td>\n | As per AS-18, any transactions occurred between the <\/span>related parties<\/span>, parties name and nature of their relationship must be mentioned in the company\u2019s financial statements.<\/span><\/p>\n In case, there is any transactions going through between the related parties as the time of existing relation then the reporting company must disclose the following details:<\/span><\/p>\n\n- Name of the transacting related party;<\/span><\/li>\n
- In detail information about transaction\u2019s nature;<\/span><\/li>\n
- Description about the party\u2019s relationship;<\/span><\/li>\n
- Transactions volume, either it is a relevant proportion or an amount;<\/span><\/li>\n
- Other elements of the related party transactions, which are necessary to understand the financial statements;<\/span><\/li>\n
- Mentioned amounts written back and written off during period in relation to debts due from or to related parties;<\/span><\/li>\n
- The amounts giving to related parties on the balance sheet date and provisions for doubtful debts pending from such parties during date.\u00a0<\/span><\/li>\n<\/ol>\n<\/td>\n<\/tr>\n
\n\n\n- <\/li>\n<\/ol>\n<\/td>\n
| In the given cases, the disclosure is not required<\/span><\/td>\n | According to the <\/span>MCA general<\/span> Circular No. 30\/2014, dated 17<\/span>th<\/span> July, 2014, it is mentioned that if transactions increasing out of compromises, amalgamations and arrangements taken place as per under provision of the Companies Act, 2013, then it will not attract the need of Companies Act, 2013.\u00a0\u00a0<\/span><\/td>\n | The company\u2019s financial statements are not consistent as per the accounting standards provided in sub-section (1). Then the company is needed to reveal the deviation from the accounting standards in its financial statements, along with the reasons behind it and their financial impact.<\/span><\/p>\n\n- In case the regulator, statute, or similar competent authority governing a company may prohibit the company from disclosing specific data that is confidential.<\/span><\/li>\n
- No disclosure is needed in the financial statements of state-controlled companies as in relation to party relationships with other state-controlled companies and transactions with such companies;<\/span><\/li>\n
- The transactions related to intra-group, there is no requirement for disclosure in the consolidated <\/span>financial statements.<\/span><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
Discuss penalties for violation of Section 188 of Companies Act, 2013<\/b><\/h2>\nIn case any recover loss happened through the result of the arrangement or contract, the company may take legal action against the director or any other employee who entered into the contract or such arrangements in violation of <\/span>section 188 of the Companies Act, 2013<\/b>.<\/span><\/p>\nAny company\u2019s employee or director, who violates the terms and conditions of this section by entering into arrangement or contract will be liable to the certain penalties such as:<\/span><\/p>\n\n- If listed company, a penalty will be charged of Rupees 20 Lakhs; and\u00a0<\/span><\/li>\n
- In any other company, a penalty will be of Rupees 5 Lakhs.<\/span><\/li>\n<\/ul>\n
In the case of Needle Industries Ltd. V. Needle Industries Newey (India) Holding Ltd. (1982), whether it is required to comply and scrutinize with <\/span>Section<\/b> 188 of the Companies Act, 2013<\/b> for each transaction between related parties. The answer is given from the exemption clause of the sub-section (1) of <\/span>188 of the Companies Act, 2013<\/b>. Except for those transactions, which are not follow an arm\u2019s length agreement, it excludes any transaction, which the company entered into at the ordinary course of business.\u00a0<\/span><\/p>\nFinal Thoughts<\/b><\/h2>\nIn the final thoughts, we just want to add up that the <\/span>Section 188 of the Companies Act, 2013<\/b> and AS-18 provides the different objectives. As the <\/span>Section 188 of the Companies Act, 2013<\/b> is a legal provision to make sure the regulatory compliance about the related party transactions. Meanwhile, the <\/span>AS-18 is an accounting standard<\/span><\/a> focusing on disclosing the financial statement aspects. Both are playing a significant role in promoting accounting and transparency in corporate dealings. Companies require making sure about the compliances with both sets of requirements for financial reporting and comprehensive governance.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"The companies act, 2013 and Accounting Standard-18 (AS-18) are the regulatory structure in the corporate governance and financial reporting. Each one of them is addressing distinct features of…<\/p>\n","protected":false},"author":5,"featured_media":120686,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-120683","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-company-law"],"yoast_head":"\n Section 188 of Companies Act & Related Party Transactions» Legal Window<\/title>\n<meta name=\"description\" content=\"In this article, we are doing a analysis of section 188 of Companies Act, 2013 and AS-18 & Overview on the Related Party Transactions (RPT).\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalwindow.in\/blog\/section-188-of-companies-act-2013\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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![\"Section](\"https:\/\/legalwindow.in\/wp-content\/uploads\/Section-188-of-Companies-Act-2013-AS-18.png\" "\\"Section")
<\/p>\n