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• Annual Report 2018-19
Shaping the future of software driven business
Annexure D to the Report of the Directors
Form No. AOC-2
(Pursuant to clause (h) of sub-section (3) of section 134 of the Companies Act, 2013 (the ‘Act’) and Rule 8(2) of the Companies
(Accounts) Rules, 2014)
Form for disclosure of particulars of contracts or arrangements entered into by the Company with related parties referred to
in sub-section (1) of section 188 of the Companies Act, 2013 including certain arm’s length transactions under third proviso
thereto:
1.
Details of contracts or arrangements or transactions not at arm’s length basis:
Persistent Systems Limited (the Company) has not entered into any contract/ arrangement/transaction with its related parties
which is not in ordinary course of business or at arm’s length during financial year 2018-19.
a.
Name(s) of the related party and nature of relationship: Not Applicable
b.
Nature of contracts/arrangements/transactions: Not Applicable
c.
Duration of the contracts/arrangements/transactions: Not Applicable
d.
Salient terms of the contracts or arrangements or transactions including the value, if any: Not Applicable
e.
Justification for entering into such contracts or arrangements or transactions: Not Applicable
f.
Date(s) of approval by the Board: Not Applicable
g.
Amount paid as advances, if any: Not Applicable
h.
Date on which the special resolution was passed in general meeting as required under first proviso to Section 188: Not
Applicable
2. Details of material contracts or arrangement or transactions at arm’s length basis:
There were certain transactions entered into by the Company with its foreign subsidiaries and other parties who are related
within the meaning of Indian Accounting Standard (Ind AS) 24 and Section 188 of the Act. Attention of Members is drawn to
the disclosure of transactions with such related parties set out in Note No. 34 of the Standalone Financial Statements, forming
part of this Annual Report.
On behalf of the Board of Directors
Dr. Anand Deshpande
Chairman and Managing Director
Pune, June 11, 2019
DIN: 00005721
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