Ordinary resolution format for related party transactions above the Rule 15(3) thresholds under Section 188, with value caps and the related party voting bar.
To consider and, if thought fit, to pass, with or without modification(s), the following resolution as an Ordinary Resolution:
“RESOLVED THAT pursuant to the provisions of Section 188 and other applicable provisions, if any, of the Companies Act, 2013 read with Rule 15 of the Companies (Meetings of Board and its Powers) Rules, 2014, and on the approval of the Board [and the Audit Committee], the consent of the members be and is hereby accorded to the Company to enter into [contract(s) / arrangement(s)] with [●], a related party of the Company, for [sale, purchase or supply of goods or materials / availing or rendering of services / leasing of property / [●]], for [the financial year [●] / a period of [●] from [●]], up to an aggregate value of ₹[●] (Rupees [●] only), on the material terms set out in the explanatory statement annexed to the notice of this meeting.
RESOLVED FURTHER THAT the Board of Directors of the Company [, including the Audit Committee,] be and is hereby authorised to settle the terms of the said [contract(s) / arrangement(s)] within the aggregate value approved above and to do all such acts, deeds and things as may be necessary for giving effect to this resolution.”