Great Eastern Shipping Co. Ltd. — Audit Report / Information 2021

Jun 3, 2021

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Our Ref.: S/2021/JMT

June 3, 2021

BSE Limited

1[st] Floor, Phiroze Jeejeebhoy Towers, Dalal Street, MUMBAI – 400 001

National Stock Exchange of India Limited Exchange Plaza, 5[th] Floor, Plot No. C/1, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051

Dear Sir,

Pursuant to Regulation 23(9) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby submit the disclosures of related party transactions on consolidated basis for the year ended March 31, 2021 prepared in accordance with applicable accounting standards.

You are requested to kindly take note of the above.

Thanking You,

Yours faithfully,

For The Great Eastern Shipping Co. Ltd.

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Jayesh M. Trivedi President (Secl. & Legal) & Company Secretary

www.greatship.com

(I) List of Related Parties :

(a) Key Management Personnel and close members of their family in employment with the Holding Company :

Mr. K. M. Sheth - Non - Executive Chairman, father of Mr. Bharat K. Sheth and Mr. Ravi K. Sheth Mr. Bharat K.Sheth - Deputy Chairman and Managing Director Mr. Tapas Icot - Executive Director and President-Shipping Mr. G Shivakumar - Executive Director and Chief Financial Officer Mr. Jayesh Trivedi - Company Secretary Mr. Ravi K. Sheth - Non - Executive Director of Holding Company, Executive Director of subsidiary company Mr. Berjis Desai - Non - Executive Director Mr. Cyrus Guzder - Non - Executive Director Mr. Farrokh Kavarana - Non - Executive Director (up to November 13, 2019) Mrs. Rita Bhagwati - Non - Executive Director Dr. Shankar Acharya - Non - Executive Director Mr. Vineet Nayyar - Non - Executive Director Mr. Raju Shukla - Non - Executive Director (w.e.f. June 1, 2019) Mr. Ranjit Pandit - Non - Executive Director (w.e.f. June 1, 2019) Mr. Urjit Patel - Non - Executive Director (w.e.f. August 1, 2020) Mr. Rahul R. Sheth - Son of Mr. Ravi K. Sheth Ms. Nirja B. Sheth - Daughter of Mr. Bharat K. Sheth

(b) Other related parties where transactions exist :

Employees’ Benefit Plans :

The Provident Fund of The Great Eastern Shipping Company Ltd. The Great Eastern Shipping Co. Ltd. Employees Gratuity Fund The Great Eastern Shipping Co. Limited Executives Superannuation Fund The Great Eastern Shipping Co. Ltd. Floating Staff Superannuation Fund The Great Eastern Shipping Co. Ltd. Staff Superannuation Fund Greatship (India) Limited Employees Gratuity Trust

THE GREAT EASTERN SHIPPING COMPANY LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2021

(II) Transactions with Related Parties :

**(a) **		(Rs. in crores)	(Rs. in crores)	(Rs. in crores)	(Rs. in crores)
	Nature of Transactions	Other Related Parties		Key Management Personnel and their close family members
		Current Year	Previous Year	Current Year	Previous Year
	Contribution to post-employment benefit plans (Refer Note (i) below)	5.21	15.68	-	-
	Compensation to key management personnel and close members of their family - Salaries - Post-employment benefits (Refer Note (ii) below) - Sitting fees - Variable pay/Commission - Dividend	- - - - -	- - - - -	12.58 0.90 0.71 8.72 8.91	12.97 9.79 0.89 8.87 34.95

**(b) **		(Rs. in crores)	(Rs. in crores)	(Rs. in crores)	(Rs. in crores)
	Outstanding Balances	Other Related Parties		Key Management Personnel and their close family members
		As at 31/03/2021	As at 31/03/2020	As at 31/03/2021	As at 31/03/2020
	Payables - Post-employment benefit plans - Variable pay/Commission payable - Provision for retirement benefits	(0.54) - -	11.91 - -	- 8.59 37.71	- 8.87 41.94

Notes :

(i) Contribution to post-employment benefit plans to the extent of Rs. 1.26 crores (Previous Year : Rs. 1.33 crores) in respect of key management personnel and close members of their family is included under Post-employment benefits.

(ii) Post-employment benefits includes reduction in provision for retirement pension benefit payable amounting to Rs. (2.28 crores) (Previous Year : Rs. 6.66 crores) on the basis of actuarial valuation as per the Retirement Benefits Scheme approved by the Board of Directors.