Persistent Systems Limited — Regulatory Filings 2019

Nov 18, 2019

NSE & BSE / 2019-20 / 80

November 18, 2019

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

The Manager, Corporate Services, BSE Limited 14th Floor, P J Towers, Dalal Street, Mumbai 400 001

Ref: Symbol: PERSISTENT

Ref: Scrip Code: 533179

Dear Sir/ Madam,

Sub: Related Party Transactions for the half year ended September 30, 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 half year ended September 30, 2019 are enclosed for your records.

Please acknowledge the receipt.

Thanking you,

Encl.: As above

Persistent Systems Limited

Notes forming part of condensed financial statements

Significant related party transactions

	Name of the related party and nature of relationship	(In ₹ Million)For the half year ended
		September 30,2019	September 30,2018
Sale of software services	Entity over which a key management personnel has
	significant influence
	Deazzle Services Private LimitedTotal	4.904.90	14.4114.41
Legal and professional fees	Entity over which a key management personnel has
	significant influence
	Azure Associates, LLC	10.55	12.06
	Total	10.55	12.06
Donation given	Entity over which a key management personnel has
	significant influence
	Persistent Foundation	37.60	34.63
		37.60	34.63
Remuneration #	Key Management Personnel
(Salaries, bonus and contribution to funds)	Dr. Anand Deshpande	11.68	10.81
	Christopher O' Connor**	27.33	-
	Sunil Sapre ((including value of perquisites for stockoptions exercised ₹ 0.88 million during the year 2018-19)	6.62	5.83
	Amit Atre	1.62	1.43
	Sudhir Kulkarni@@	10.63	20.67
	Azlin Ghazali (including value of perquisites for stockoptions exercised ₹ 9.72 million during the half yearended Septemebr 2018)	4.65	14.48
	Audrey Reutens	2.40	2.50
	Arnaud Pierrel	6.42	6.66
	Bruno Orsier	5.17	5.25
	Thomas Klein	17.62	15.70
	Relatives of Key Management Personnel
	Mrs. Chitra BuzrukDr. Mukund Deshpande	1.512.28	2.282.37
	Independent directors:
	Ms. Roshini Bakshi	1.20	1.03
	Dr. Pradeep Bhargava	1.60	1.35
	Mr. Sanjay Kumar Bhattacharyya*	0.78	1.05
	Dr. Anant Jhingran	1.15	0.98
	Mr. Thomas Kendra	1.25	1.00
	Mr. Prakash TelangMr. Kiran Umrootkar	1.531.53	1.151.35
	Dr. Deepak Phatak@	1.23	0.86
	Mr. Guy Eiferman@	1.15	0.86
	Total	109.33	97.61
Dividend paid	Key Management Personnel
	Dr. Anand Deshpande	68.52	68.45
	Mr. Sunil Sapre	0.01	0.01
	Relatives of Key Management Personnel
	Mr. Suresh Deshpande	0.02	0.02
	Mrs. Chitra Buzruk	1.43	1.41
	Dr. Mukund Deshpande	1.12	1.11
	Mrs. Sonali Anand Deshpande	0.34	0.34
	Mrs. Sulabha Suresh Deshpande	1.71	1.70
	Independent directors:
	Mr. Pradeep Bhargava	0.04	0.05
	Mr. Sanjay Bhattacharyya	0.04	0.04
	Mr. Prakash TelangMr. Kiran Umrootkar	0.050.02	0.050.02
	Total	73.31	73.20
Rent paid	Key management personnel
	Mr. Sunil Sapre	-	0.11
	Relatives of Key Management Personnel
	Dr. Asha Sapre	-	0.11
	Total	-	0.22

* Mr. Sanjay Kumar Bhattacharyya resigned with effect from July 1, 2019

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

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.

** Mr. Christopher O' Connor was appointed as Chief executive officer Designate w.e.f. February 25, 2019 via Persistent Systems Inc. @@ Mr. Sudhir Kulkarni resigned with effect from April 13, 2019

(ii) Significant outstanding balances

		(In ₹ Million)
	Name of the related party and nature of relationship	As at
		September 30,
		2019
Trade receivables	Entity over which a key management personnel has
	significant influence
	Deazzle Services Private Limited	1.50
	Total	1.50
Trade payables	Entity over which a key management personnel has
	significant influence
	Azure Associates, LLC	1.77
	Total	1.77
Loans and 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

@ These balances are fully provided for.