Related party is defined u/s. 2(76) Companies act, 2013:
The following persons are related parties to the company:
- a director
- a relative of such director
- a KMP
- a relative of such KMP.
- a firm where such director is a parter.
- a firm where relatives of such director is a partner.
- a private limited co where such director is a director.
- a private limited co where such director is a member.
- a public limited co where such director is a director.
- a public limited co where such director along with relatives holds more than 2% of its paid-up capital.
- any body corporate acts in according to the direction of board of directors/director.
- its holding company, a subsidiary company or associate company.
- any other subsidiary company of its holding company, if any.
Note:
** based on above definition the following companies are not related parties:
- a public company where relative of such director is a director.
- a public company where relatives of such directors holds any % of paid up capital. (Provided such director should not hold any share/directorship).
** though JV is not mentioned in the definition. JVs may fall under the term ssociate company or management control. So JV is also a related party.
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