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Related Party Disclosure

This query is : Resolved 
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24 September 2010 A transaction enterd by the copany with another co. for purchase of goods of more than 1 crore and one employee is director in that co from which goods has been purchased.this employee is also a director of other company in which he is working as an employee, which is its parent company.this employee is on contractual basis.Eployee contract is with the parent copany.wheather this transaction would be covered with related party transaction.Pls. revert me as soon as possible.
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CA Shailesh Kumar Bhagat

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CA Shailesh Kumar Bhagat (Expert)
24 September 2010 As Per AS 18 Related party includes

" Key management personnel and relatives of such personnel are those persons who have authority and responsibility for planning directing and controlling the activities of the reporting enterprises."

Since the one person is director of both the company , amd he is in the position to influence the deceision making , I think this is related party.
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