2. Definitions
In this Act, unless the context otherwise requires, --
(1) 'abridged prospectus' means a memorandum containing such salient features of a prospectus as may be specified by the Securities and Exchange Board by making regulations in this behalf;
(2) 'accounting standards' means the standards of accounting or any addendum thereto for companies or class of companies referred to in section 133;
(3) 'alter' or 'alteration' includes the making of additions, omissions and substitutions;
(4) 'Appellate Tribunal' means the National Company Law Appellate Tribunal constituted under section 410;
(5) 'articles' means the articles of association of a company as originally framed or as altered from time to time or applied in pursuance of any previous company law or of this Act;
(6) 'associate company', in relation to another company, means a company in which that other company has a significant influence, but which is not a subsidiary company of the company having such influence and includes a joint venture company.
[Explanation.--For the purpose of this clause, --
(a) the expression 'significant influence' means control of at least twenty per cent of total voting power, or control of or participation in business decisions under an agreement;
(b) the expression 'joint venture' means a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement;]
(7) 'auditing standards' means the standards of auditing or any addendum thereto for companies or class of companies referred to in sub-section (10) of section 143;
(8) 'authorised capital' or 'nominal capital' means such capital as is authorised by the memorandum of a company to be the maximum amount of share capital of the company;
(9) 'banking company' means a banking company as defined in clause (c) of section 5 of the Banking Regulation Act, 1949 (10 of 1949);
(10) 'Board of Directors' or 'Board', in relation to a company, means the collective body of the directors of the company;