Ministry of Corporate Affairs vide notification dated March 30, 2017 has notified the amendment to the sub-rule (3) of Rule 15 of the Companies (Meetings of Board and its Powers) Rules, 2014 which shall come into force on the date of their publication in the Official Gazette i.e. March 30,2017. The amendment provides that in case of related party transaction, the Central Government has substituted the transaction or transactions limits to be entered as contracts or arrangements with respect to clauses (a) to (e) of sub-section (1) of Section 188 provided in clause (a) and (b) of Rule 15 of the Companies (Meetings of Board and its Powers) Rules, 2014 whereby now for the items mentioned under clause (a) the transaction limits are now substituted by the words: –

“amounting to ten percent or more” for the words “exceeding ten per cent.” and in clause (b) for the item (iii) for the words “ten percent of turnover” the words “ten percent or more of turnover” shall be substituted.”