(3)The Audit Committee may grant omnibus approval for related party transactions proposed to be entered into by the Corporation subject to the following conditions, namely:-(a)the Audit Committees shall lay down thecriteria for granting omnibus approval in line with the policy referred to in sub section (2) of section 4Cincluding in respect of transactions which are repetitive in nature;(b)the Audit Committee shall satisfy itself that omnibus approval 'is needed and that such approval is in the interest of the Corporation;(c)the omnibus approval shall specify the following, namely:(i)the details regarding the name of the related party and the nature, period and the maximum amount of the transitions that shall be entered into;(ii)the details regarding indicative base price or current contracted price, along with the formula, if any, for variation in the. price; and(iii)such other conditions as the Audit Committee may deem fit:Provided that where the need for related party transition cannot be foreseen and the said details are not available, the Audit Committee may grant omnibus approval for such transactions subject to their value not exceeding one crore rupees per transaction;(d)the Audit Committee shall review on a quarterly basis, the details of related party transactions entered into by the Corporation pursuant to every omnibus approval given; and(e)omnibus approval shall be valid for a period not exceeding one year and shall require fresh approval after expiry of one year.
