ganesh udupa (Audit Executive) (24 Points)
18 May 2010Hi,
I am having a query on the disclosure of the related party disclosure.
Whether the acceptance of share application money and/or issue of share capital and/or closing balance in the share capital of related party needs to be disclosed under the related party transaction or not?
C.A. Ganesh Udupa A
Ankit CA and CS
(Manager - Accounts)
(204 Points)
Replied 18 May 2010
Yes, ofcourse, any kind of transaction needs to be disclosed ideally.
anmol mittal
(auditor)
(23 Points)
Replied 19 May 2010
hi,
as per as 18, if the transaction has been been entered the particular this year, then the name, relation & the Nature of transaction is to be mentioned & if there is no transaction then name & realtionship has to be disclose in evry case
hemal
(CA FINAL)
(176 Points)
Replied 27 May 2010
If there is control exist by related party then even if not transaction then disclosure required but if there is significant influence there then disclosure is required only when there is a transaction during the year betwen that party and company. So transaction during the year is to be seen in case when there significant influence.
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