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Accounting standard 18-related party disclosure

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(Querist)
13 February 2013 Kindly help me on the following:

Whether HUF the karta of whom is also director of private limited company, can be considered as related party for that private limited company.
e.g. Mr. A is karta of ABC HUF as well as director of XYZ Private Limited. Can ABC be considered as related party to XYZ Private Limited.
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Sanjay Chauhan (IFRS)

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Sanjay Chauhan (IFRS) (Expert)
13 February 2013 Please refer FAQ 12 on revised schedule VI.

As per para 4.1.1 of Guidance Note on the Revised Schedule VI, Accounting Standards will override Schedule VI and hence, related party shall be as defined in the Accounting Standard.

HUF is not part of AS 18 relations disclosures.
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