Persistent Systems Limited — Audit Report / Information 2019

May 15, 2019

PERSISTENT

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NSE & BSE / 2019-20 / 17

May 14, 2019

The Manager, Corporate Services, National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex, Bandra (E), Mumbai 400051

The Manager, Corporate Services, BSE Limited 14[th ] Floor, P J Towers, Dalal Street, Mumbai 400001

Ref: Symbol: PERSISTENT

Ref: Scrip Code: 533179

Dear Sir/ Madam,

Sub: Related Party Transaction for the year ended March 31, 2019

Pursuant to Regulation 23(9) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and all other applicable regulations, if any, the disclosures of related party transactions on a consolidated basis for the year ended March 31, 2019 are enclosed for your records.

Please acknowledge the receipt.

Thanking you,

Yours sincerely, For Persistent S s �[Amit][Atr] � Compa Secretary ICSI Membership Number: ACS 20507

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Encl: As above
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Persistent Systems Limited, Bhageerath, 402, Senapatl Bapat Road, Pune 411016 I Tel : +91 (20) 670 30000 Persistent Systems Inc., 2055, Laurelwood Rd, Suite 210, Santa Clara, CA 95054, USA I Tel : +1 (408) 216 7010 CIN • L 72300PN1990PLC056696 I Fax • +91 (20) 6703 0009 I e-mail • info@perslstent.com I Website • www.persistent.com

Notes forming part of consolidated financial statements

(ii) Related party transactions

(ii) Related party transactions
			(In ₹ Million)
	Name of the related party and nature of relationship	For the year ended
		March 31, 2019	March 31,
			2018
Sale of software services	Entity over which a key management personnel has significant influence Deazzle Services Private Limited	18.46
			34.48
	Total	18.46	34.48
Legal and professional fees	Entity over which a key management personnel has significant influence Azure Associates,LLC	23.07
			10.68
	Total	**23.07 **	10.68
Remuneration # (Salaries, bonus and contribution to PF)	Key management personnel Dr. Anand Deshpande Mr. Christopher O' Connor Mr. Mritunjay Singh (including value of perquisites for stock options exercised ₹ 10.38 million during the year 2016-17 and and ₹ 6.22 million during the year 2017-18) Mr. Sunil Sapre (including value of perquisites for stock options exercised ₹ 0.88 million during the year 2018-19, ₹ 1.02 million during the year 2017-18) Mr. Amit Atre Mr. Narayanan Rajagopalan Mr. Sudhir Kulkarni Mr. Azlin Ghazali (including value of perquisites for stock options exercised ₹ 13.61 million during the year 2018-19 Ms. Audrey Reutens Mr. Arnaud Pierrel Mr. Sebastien Rattier Mr. Bruno Orsier Mr. Thomas Klein Other directors: Ms. Roshini Bakshi Mr. Pradeep Bhargava Mr. Sanjay Bhattacharyya Dr. Anant Jhingran@@ Mr. Thomas Kendra Mr. Prakash Telang Mr. Kiran Umrootkar Mr. Guy Eiferman@ Dr. Deepak Phatak@ Relatives of key management personnel** Mrs. Chitra Buzruk Dr. Mukund Deshpande (including value of perquisites for stock options exercised ₹ 3.43 million during the year 2018-19)	21.79 6.62 - 12.47 2.92 43.02 42.31 23.27 5.05 13.16 - 10.36 32.21 2.20 2.78 2.30 1.98 2.03 2.48 2.80 1.99 1.95 4.71 8.05
			19.54
			-
			13.95
			11.71
			2.59
			42.55
			37.50
			8.79
			4.45
			11.39
			2.51
			8.99
			33.70
			2.00
			2.68
			2.20
			0.65
			2.10
			2.20
			2.25
			-
			-
			3.46
			4.84
	Total	246.45	220.05

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Persistent Systems Limited

Notes forming part of consolidated financial statements

(ii) Related party transactions

(ii) Related party transactions
			(In ₹ Million)
	Name of the related party and nature of relationship	For the year ended
		March 31, 2019	March 31,
			2018
Dividend paid	Key management personnel Dr. Anand Deshpande Mr. Mritunjay Singh Mr. Sunil Sapre Relatives of key management personnel Mr. Suresh Deshpande Mrs. Chitra Buzruk Dr. Mukund Deshpande Mrs. Sonali Anand Deshpande Mrs. Sulabha Suresh Deshpande Independent directors: Mr. Pradeep Bhargava Mr. Sanjay Bhattacharyya Mr. Prakash Telang Mr. Kiran Umrootkar	251.25 0.05 0.06 5.25 4.12 1.23 6.23 0.15 0.15 0.20 0.07	228.15 0.63 0.01 0.63 4.70 4.00 1.12 5.66 0.14 0.15 0.18 0.06
	Total	268.76	245.43
Donation given	Entity over which a key management personnel has significant influence Persistent Foundation	70.51	66.61
	Total	70.51	**66.61 **
Rent paid	Key management personnel Mr. Sunil Sapre Relatives of Key Management Personnel Dr. Asha Sapre
		0.16 0.16	0.03 0.03
	Total	**0.32 **	0.06
Deposit given	Key management personnel Mr. Sunil Sapre	-
			0.16
	Total	-	0.16
(iii) Outstanding balances
			(In ₹ Million)
	Name of the related party and nature of relationship	As at
		March 31, 2019	March 31,
			2018
Advances given	Associate Klisma e-Services Private Limited ##	0.81
			0.81
	Total	0.81	**0.81 **
Trade receivables	Entity over which a key management personnel have significant influence Deazzle Services Private Limited	2.14
			3.45
	Total	2.14	3.45
Loan given	Associate Klisma e-Services Private Limited ##	27.43
			27.43
	Total	27.43	27.43
Investments	Associates Klisma e-Services Private Limited ##	0.05
			0.05
	Total	0.05	0.05

(iii) Outstanding balances
				(In ₹ Million)
	Name of the related party and nature of	As at
	relationship	March 31,		March 31,
		2019		2018
Advances given	Associate
	Klisma e-Services Private Limited ##	0.81		0.81
	Total	0.81		**0.81 **
Trade receivables	Entity over which a key management
	personnel have significant influence
	Deazzle Services Private Limited	2.14		3.45
	Total	2.14		3.45
Loan given	Associate
	Klisma e-Services Private Limited ##	27.43		27.43
	Total	27.43		27.43
Investments	Associates
	Klisma e-Services Private Limited ##	0.05		0.05
	Total	0.05		0.05

• Mr. Christopher O' Connor has been appointed as Chief executive officer Designate w.e.f. February 25, 2019 via Persistent Systems Inc.

• ** Mr. Mritunjay Singh resigned as executive director w.e.f. November 24, 2017.

• ***Mr. Sebastien Rattier has resigned w.e.f July 31, 2017 ,hence his remuneration for the year ended March 31, 2018 has been disclosed till July 31, 2017.

****Mr. Bruno Orsier is appointed as director with effect from September 25, 2017, however his remuneration for the financials year ended March 31, 2018 has been disclosed from April 01, 2017 to March 31, 2018.

• @ Dr. Deepak Phatak and Mr. Guy Eiferman have been appointed as additional directors (independent member ) on the board of Persistent Systems Limited w.e.f. April 24, 2018.

@@ Dr. Anant Jhingran appointed as Independent Director w.e.f. November 21, 20170

The remuneration to the key managerial personnel does not include the provisions made for gratuity, long service awards and leave benefits, as they are determined on an actuarial basis for the Company as a whole.

These balances are fully provided for.

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Persistent Systems Limited