Related party - key management personnel

As per Accounting Standard Interpretation, Key Management Personnel means those persons who have the authority and responsibility for planning, directing and controlling the activities of the reporting enterprise. It can be managing director, whole time director, manager & any other person with whose directions BOD is accustomed to act. While under companies act, 1956 managing director (section 2(26)), whole time director & manager (section 2(24)) meaning thereof is separately defined.