Persistent Systems Limited — Interim / Quarterly Report 2020

May 28, 2020

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NSE & BSE / 2020-21 / 20

May 28, 2020

The Manager, Corporate Services, National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex, Bandra (E), Mumbai 400 051

Ref: Symbol: PERSISTENT

The Manager, Corporate Services, Bombay Stock Exchange Limited 14[th] Floor, P J Towers, Dalal Street, Mumbai 400 001

Ref: Scrip Code: 533179

Dear Sir/Madam,

Sub: Related Party Transactions for the half year ended March 31, 2020

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 half year ended March 31, 2020 are enclosed for your records.

Please acknowledge the receipt.

Thanking you,

Yours sincerely, For Persistent Systems Limited

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Amit Atre Company Secretary ICSI Membership Number: ACS 20507

Encl.: As above

Persistent Systems Limited, Bhageerath, 402 Senapati Bapat Road, Pune 411 016, Maharashtra, India CIN - L72300PN1990PLCO56696

Tel: +91 (20) 670 30000 | Fax - +91 (20) 6703 0008 | E-mail - info@persistent.com | Website - www.persistent.com

Related Party Disclosures

Names of related parties and related party relationship

Related parties with whom transactions have taken place

Associates	i. Klisma e-Services Private Limited
Key management personnel	i. Dr. Anand Deshpande, Chairman and Managing Director ii. Mr. Christopher O'Connor, Chief Executive Officer and Director@ iii. Mr. Sunil Sapre, Executive Director and Chief Financial Officer iv. Mr. Amit Atre, Company Secretary v. Mr. Sudhir Kulkarni, Director, Persistent Systems, Inc., USA* vi. Mr. Narayanan Rajagopalan, President and Director, Persistent Telecom Solutions Inc., USA$ vii. Mr. Azlin Ghazali, Director, Persistent Systems Malaysia Sdn. Bhd. viii. Ms. Audrey Reutens, Director, Persistent Systems Malaysia Sdn. Bhd. ix. Mr. Arnaud Pierrel, Director General, Persistent Systems France SAS x. Mr. Steven Ward, Director, Youperience Limited, United Kingdom xi. Mr. Bruno Orsier, Director, Persistent Systems France SAS xii. Mr. Thomas Klein, Director, Persistent Systems, Inc., USA xiii. Ms. Roshini Bakshi, Independent Director xiv. Mr. Pradeep Bhargava, Independent Director xv. Mr. Sanjay Bhattacharya, Independent Director xvi. Dr. Anant Jhingran, Independent Director xvii. Mr. Thomas Kendra, Independent Director xviii. Mr. Prakash Telang, Independent Director xix. Mr. Kiran Umrootkar, Independent Director xx. Mr. Deepak Phatak, Independent Director xxi. Mr. Guy Eiferman, Independent Director xxii. Mr. Silvio Galfetti, Director, Parx Werk AG, Switzerland xxiii. Mr. Steffen Drilich, Director, Youperience GmbH, Germany xxiv.Mr. Sandeep Kalra, President and Director, Persistent Solutions Inc., USA^ xxv. Mr. Daniel Seiler, Chief executive officer, PARX Consulting GmbH^^
Relatives of Key management personnel	i. Mr. Suresh Deshpande (Father of the Chairman and Managing Director) ii. Mrs. Sulabha Suresh Deshpande (Mother of the Chairman and Managing Director) iii. Mrs. Sonali Anand Deshpande (Wife of the Chairman and Managing Director) iv. Dr. Mukund Deshpande (Brother of the Chairman and Managing Director) v. Mrs. Chitra Buzruk (Sister of the Chairman and Managing Director) vi. Dr. Asha Sapre (Wife of Executive Director and Chief Financial Officer)
Members of Promoter Group	i. Rama Purushottam Foundation
Entities over which a key management personnel have significant influence	i. Deazzle Services Private Limited ii. Azure Associates, LLC iii. PersistentFoundation

Persistent Systems Limited

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Disclosure of Related party transactions on consolidated basis:
(In ₹ Million)
Name of the related party and nature of relationship For the six
months ended
March 31,
2020
Sale of software services Entity over which a key management personnel has significant influence
Deazzle Services Private Limited 2.57
Total 2.57
Legal and professional fees Entity over which a key management personnel has significant influence
Azure Associates, LLC 0.08
Total 0.08
Donation given Entity over which a key management personnel has significant influence
Persistent Foundation 41.61
41.61
Remuneration # Key Management Personnel
(Salaries, bonus and contribution to other funds) Dr. Anand Deshpande 12.20
Mr. Christopher O'Connor@ 31.02
Mr. Sunil Sapre 6.69
Mr. Amit Atre 1.76
Mr. Sandeep Kalra^ 24.21
Mr. Azlin Ghazali 5.01
Ms. Audrey Reutens 2.72
Mr. Arnaud Pierrel 6.59
Mr. Bruno Orsier 5.09
Mr. Thomas Klein 17.85
Mr. Steffen Drilich 4.58
Mr. Steven Ward 4.05
Mr. Silvio Galfetti 18.47
Mr. Daniel Seiler^^ 7.18
Independent directors:
Ms. Roshini Bakshi 1.28
Mr. Pradeep Bhargava 1.53
Dr. Anant Jhingran 1.08
Mr. Thomas Kendra 1.08
Mr. Prakash Telang 1.48
Mr. Kiran Umrootkar 1.53
Mr. Guy Eiferman 1.13
Dr. Deepak Phatak 1.18
Relatives of Key Management Personnel
Mrs. Chitra Buzruk 0.59
Dr. Mukund Deshpande (including value of perquisites for stock options 11.92
exercised ₹ 9.80 million during the year)
Total 170.21
Dividend paid Key Management Personnel
Dr. Anand Deshpande 274.19
Mr. Sunil Sapre 0.06
Independent directors:
Pradeep Bhargava 0.16
Prakash Telang 0.22
Kiran Umrootkar 0.07
Relatives of Key Management Personnel
Mr. Suresh Deshpande 0.07
Mrs. Chitra Buzruk 5.61
Dr. Mukund Deshpande 4.53
Mrs. Sonali Anand Deshpande 1.34
Mrs. Sulabha Suresh Deshpande 0.78
Rama Purushottam Foundation 4.92
Total 291.93
(iii) Outstanding balances
Name of the related party and nature of relationship As at
March 31,
2020
Trade receivables Entity over which a key management personnel has significant influence
Deazzle Services Private Limited -
Total -
Trade payables Entity over which a key management personnel has significant influence
Azure Associates, LLC -
Total -
Advances given Associate
Klisma e-Services Private Limited @ 0.81
Total 0.81
Investments Associate
Klisma e-Services Private Limited @ 0.05
Total 0.05
Loans given Associate
Klisma e-Services Private Limited @ 27.43
Total 27.43
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@ Mr. Christopher O' Connor has been appointed as Chief executive officer Designate w.e.f. February 25, 2019 via Persistent Systems, Inc. (wholly owned subsidiary) and was appointed as a Director in Persistent Systems Limited w.e.f. June 11, 2019

^Mr. Sandeep Kalra appointed as Director of the Company w.e.f. June 11, 2019.

^^Mr. Daniel Seiler is appointed as director with effect from October 01, 2019, however his remuneration for the financial year ended March 31, 2020 has been disclosed from April 01, 2019 to March 31, 2020.

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/Group as a whole. @These balances are fully provided for.