Under Section 188 read with Rule 15 of the Companies (Meetings of Board and its Powers) Rules, 2014, which of the following transactions is statutorily EXEMPTED from the requirement of board approval and shareholder resolution under the related party transaction regime?

Section 188(1), proviso, contains the key exemption: "nothing contained in this sub-section shall apply to any transactions entered into by the company in its ordinary course of business and on an arm's length basis." This is a conjunctive test - both conditions must be satisfied simultaneously. Option (D) states both elements precisely, and therefore correctly captures the exemption without regard to value thresholds. The other options each fail one or both conditions: (A) is below market (non-arm's length); (B) involves a relative of a director (a related party) and is not in the ordinary course; (C) is with an associate company and at a price that may be above-book-value, raising arm's-length concerns; (E) is below market rent (non-arm's length). The question targets the conjunctive nature of the exemption and the "ordinary course + arm's length" formula, which is among the most frequently tested aspects of Section 188 in competitive exams. The correct answer is (D).