150 / 327
150
• Annual Report 2018-19
Shaping the future of software driven business
xv. to settle and resolve any queries or difficulties raised by SEBI, stock exchanges, ROC and any other authorities whatsoever
in connection to any matter incidental to and ancillary to the Buyback.
During the year under report, no meeting was held of the Committee.
3. Performance Evaluation of the Board, its Committees and Directors
The Company conducted the annual performance evaluation of the Board, its various committees, Chairman of the board and
directors individually. This was conducted in March and April 2019 by an external management consultant and the findings of
the evaluation were presented at the meeting of the Nomination and Governance Committee and the Board of Directors. The
details of the previous year’s observations and the actions taken thereon are included in the Report of the Directors.
4. Subsidiary Companies
The Company does not have any material non-listed Indian Subsidiary Company, whose turnover or net worth (paid-up capital
and free reserves) exceeds 20% of the consolidated turnover or net worth of the Company.
Further, the Audit Committee and the Board of Directors review the consolidated financial statements of the Company and its
subsidiary companies on a quarterly basis.
The Audit Committee and the Board of Directors look into the related party transactions entered into by the Company including
those with the subsidiary companies.
Details of percentage holding of the Company in the subsidiary companies as on March 31, 2019:
Name of the Subsidiary Company
Registered in Holding percentage
Persistent Systems Inc. (PSI)
U.S.A
100%
Persistent Telecom Solutions Inc.
U.S.A
(100% subsidiary of PSI – Step down subsidiary of
the Company)
Herald Technologies Inc.*
U.S.A
(100% subsidiary of PSI – Step down subsidiary of
the Company)
Persistent Systems Pte. Ltd.
Singapore
100%
Persistent Systems France S.A.S.
France
100%
Persistent Systems Malaysia Sdn. Bhd.
Malaysia
100%
Persistent Systems Germany GmbH
Germany
100%
Aepona Holdings Limited (Under liquidation)
Ireland
(100% subsidiary of PSI – Step down subsidiary of
the Company)
Aepona Group Limited
Ireland
(100% subsidiary of Aepona Holdings Limited –
Step down subsidiary of the Company)
Valista Limited (Under liquidation)
Ireland
(100% subsidiary of Aepona Group Limited – Step
down subsidiary of the Company)
Aepona Limited
U.K
(100% subsidiary of Aepona Group Limited –
Step down subsidiary of the Company)
Persistent Systems Lanka (Private) Limited (Formerly
known as Aepona Software (Private) Limited)
Sri Lanka
(100% subsidiary of Valista Limited –
Step down subsidiary of the Company)
Persistent Systems Israel Ltd.
Israel
(100% subsidiary of PSI – Step down subsidiary of
the Company)
Persistent Systems Mexico S.A. de C.V.
Mexico
(100% subsidiary of PSI – Step down subsidiary of
the Company)
PARX Werks AG
Switzerland (100% subsidiary of Persistent Systems Germany
GmbH – Step down subsidiary of the Company)
PARX Consulting GmbH
Germany
(100% subsidiary of PARX Werks AG – Step down
subsidiary of the Company)
*Acquired during the financial year 2018-19
Note: Akshat Corporation (dba R-Gen Solutions), a 100% subsidiary of PSI – Step down subsidiary of the Company was dissolved
on December 21, 2018.