AOC 2

[Ekta Saxena]

In case of Private Companies, if there are transactions which are covered in Section 188 during the year then need to disclose in AOC 2 

or 

It can be mentioned in the Board Report that the all transactions held during the year are on the arms length basis and in the ordinary course of business, therefore no need to attach AOC 2.

[Ankita Karnani]

If all the transactions are on arm length basis and in the ordinary course of business ...no need to attach AOC 2 subject to limits or materiality of transaction

If they are material then need to attach AOC 2 

Read guidance note issued by ICSI on section 188

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[Ekta Saxena]

I have checked the guidance note. Material Transactions are defined in LODR, nothing is mentioned in the Companies Act, 2013 and Income Tax Act for the Private Company .

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[Ishmavel J]

Hi,

The above comments are correct, however it is preferred that companies are required to attached AOC form as come ROC's mandate the attachment of AOC-2 to Board's Report.

Ishmavel Jacob.

Company Secretary

9740363885

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[Ronak Gupta]

I would like to highlight here that to determine the materiality we have to look these provisions:

For listed Companies- Regulation 23 of LODR, 2015

For Unlisted Companies - Rule  15(3)  of  Companies (Meetings  of  Board  and  its  Powers)  Rules,  2014 

Thanks & Best Regards

Ronak Gupta

9910226715

[Ankita Karnani]

Yes for determining materiality , read rule 15 of companies ( meetings of board and it's powers) rules 

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