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39__Disclosure_of_transactions_with_related_parties_as_required_by_the_Indian_Accounting_Standard_24

39 Disclosure of transactions with related parties as required by the Indian Accounting Standard 24

(₹ In Crore)

Name of related party and Nature of relationship

Nature of transaction

2021–22

2020–21

Transaction value

Outstanding amounts carried in the Balance Sheet

Transaction value

Outstanding amounts carried in the Balance Sheet

A

Subsidiaries:

PT. Bajaj Auto Indonesia (99.25% shares held by Bajaj Auto Ltd.)

Contribution to equity (411,875 shares of USD 3 each)

–

6.17

–

6.17

Provision for diminution in value of investment

–

(2.17)

–

(2.17)

Services received

–

–

1.35

–

Bajaj Auto International Holdings BV Amsterdam Netherlands (Fully owned subsidiary)

Contribution to equity (1,980,000 shares of Euro 100 each)

–

1,218.72

–

1,218.72

Bajaj Auto (Thailand) Ltd. (Fully owned subsidiary)

Contribution to equity (449,997 shares of THB 100 each)

–

10.54

–

10.54

Services received

8.82

–

–

–

Chetak Technology Ltd. (Fully owned subsidiary)

Contribution to equity (5,000,000 shares of ₹ 10 each)

5.00

5.00

–

–

Reimbursement of expenses

3.84

–

–

–

Bajaj Auto Consumer Finance Ltd. (Fully owned subsidiary)

Contribution to equity (5,000,000 shares of ₹ 10 each)

5.00

5.00

–

–

Reimbursement of expenses

1.72

–

–

–

Business support service rendered

0.81

–

–

–

Bajaj Auto Spain S.L.

Contribution to equity (6,000 shares of Euro 100 each)

5.17

5.17

–

–

B

Associates, joint ventures and investing parties:

Bajaj Holdings & Investment Ltd. (Investing party – holds 33.43% shares of Bajaj Auto Ltd.)

Investment in shares by BHIL (96,727,050 shares of ₹ 10 each)

–

(96.73)

–

(96.73)

Purchase of shares by BAL (3,500,000 shares of ₹ 10 each)

–

1,111.49

–

1,111.49

Dividend paid

1,354.18

–

–

–

Dividend received

45.50

–

–

–

Business support service received

44.62

–

42.27

–

Business support service rendered

0.11

–

0.04

–

C

Key management personnel and their relatives:

Rahul Bajaj (Chairman Emiratus)

Sitting fees

0.01

–

0.07

–

Commission

0.03

(0.03)

4.68

(4.68)

Special commission

2.25

–

–

–

Perquisite value for use of accommodation, car, medical costs etc.

–

–

1.07

–

Rent paid for premises

0.25

–

0.26

–

Deposit paid against premises taken on lease

–

3.60

–

3.60

Rajiv Bajaj (Managing Director)

Short-term employee benefits (including Commission)

42.69

(27.52)

37.92

(25.02)

Post-employment benefits

2.92

–

2.65

–

Rent paid for premises

2.21

–

2.08

–

Deposit paid against premises taken on lease

–

1.92

–

1.92

Pradeep Shrivastava (Executive Director)

Short-term employee benefits

8.74

–

7.71

–

Post-employment benefits

0.69

–

0.61

–

Fair value of stock options granted

0.94

–

–

–

Rakesh Sharma (Executive Director)

Short-term employee benefits

9.73

–

7.66

–

Post-employment benefits

0.57

–

0.49

–

Equity shares issued pursuant to stock option scheme

2.40

–

–

–

Fair value of stock options granted

0.84

–

–

–

Madhur Bajaj (Vice Chairman)

Rent paid for premises

0.31

–

0.30

–

Deposit paid against premises taken on lease

–

4.40

–

4.40

Sitting fees

0.05

–

0.05

–

Commission

0.13

(0.13)

0.13

(0.13)

Sanjiv Bajaj

Sitting fees

0.05

–

0.05

–

Commission

0.13

(0.13)

0.13

(0.13)

Shekhar Bajaj

Sitting fees

0.05

–

0.05

–

Commission

0.13

(0.13)

0.13

(0.13)

Niraj Bajaj (Chairman)

Sitting Fees

0.08

–

0.05

–

Commission

0.20

(0.20)

0.13

(0.13)

Rishabnayan Bajaj (Management Trainee)

Short-term employee benefits

0.10

–

–

–

Post-employment benefits

0.00

–

–

–

D

Other entities/persons:

Bajaj Finserv Ltd.

Purchase of windpower

6.81

–

11.40

–

OA charges reimbursement

5.20

–

8.14

–

Business support service rendered

0.40

–

0.47

–

Bajaj Finance Ltd.

Investment in shares by BFL (150 shares of ₹ 10 each) – ₹ 1,500

–

(0.00)

–

(0.00)

Service rendered

28.27

(0.07)

21.48

1.29

Service received

11.63

–

1.93

–

Security deposit received

–

(0.21)

–

(0.21)

Investment in fixed deposit

–

–

–

100.00

Investment in secured non convertible debentures

500.00

500.00

–

–

Interest income/(reversal) on fixed deposit

0.87

–

8.02

11.17

Interest income/(reversal) on secured non convertible debentures

22.55

22.55

–

–

Dividend paid

0.00

–

–

–

Bajaj Allianz General Insurance Co. Ltd.

Insurance premiums paid

18.42

11.32

15.41

8.81

Claims received/receivable

26.80

14.30

–

–

Bajaj Allianz Life Insurance Co. Ltd.

Insurance premiums paid

4.29

0.03

1.17

(0.00)

Investment in shares by BALIC (125,000 shares of ₹ 10 each)

–

(0.13)

–

(0.13)

Dividend paid

1.75

–

–

–

Bajaj Housing Finance Ltd.

Services rendered

0.06

–

0.05

–

Security deposit received

0.00

(0.03)

–

(0.02)

Bajaj Electricals Ltd.

Purchases (including services received)

0.02

(0.11)

0.04

(0.14)

Hind Musafir Agency Ltd.

Services received

2.16

(0.24)

1.33

0.29

Hindustan Housing Co. Ltd.

Maintenance charges paid

0.31

0.02

0.23

0.04

KTM AG

Sale of vehicles and material

671.58

29.08

553.80

53.35

Services rendered and other debits

3.14

–

–

–

KTM Sportmotorcycle GmbH

Sale of vehicles and material

844.66

20.53

723.86

47.29

Royalty paid and payable

24.27

(5.78)

22.68

(6.67)

Services rendered and other debits

7.66

–

0.29

–

Purchase of accessories, merchant purchase and other credits

0.52

–

4.77

–

KTM Southeast Europe A.E.

Sale of vehicles and material

1.15

(0.40)

0.13

(0.91)

KTM Southeast Europe S.A.

Sale of vehicles and material

–

0.39

–

0.41

KTM Sportmotorcycle India Pvt. Ltd.

Royalty paid and payable

6.18

(1.12)

5.92

(1.58)

Services rendered and other debits

3.07

–

2.57

–

Husqvarna Motorcycles GmbH

Sale of vehicles and material

317.83

21.32

154.43

15.18

Royalty paid and payable

0.43

(0.13)

1.43

(0.33)

Services rendered and other debits

0.04

–

0.01

–

Maharashtra Scooters Ltd.

Investment in shares by MSL (6,964,277 shares of ₹ 10 each)

–

(6.96)

–

(6.77)

Dividend paid

94.84

–

–

–

Purchases

5.92

–

1.91

–

Sales (including capital asset)

0.01

–

0.05

–

Services rendered

0.10

(5.70)

0.09

0.31

CERG Advisory Pvt. Ltd.

Services received

0.05

–

0.12

–

Bajaj Auto Employees Group Gratuity Fund

Gratuity contribution

4.00

–

1.27

–

Bajaj Auto Senior Staff Group Gratuity Fund

Gratuity contribution

1.00

–

1.00

–

Bajaj Auto Employees Superannuation Fund

Superannuation contribution

8.25

–

8.23

–

Bajaj Auto Ltd. Provident Fund

Provident fund contribution (Employer's share)

39.94

(10.88)

37.29

(10.33)

D J Balaji Rao

Sitting fees

0.16

–

0.16

–

Commission

0.40

(0.40)

0.40

(0.40)

Dr. Gita Piramal

Sitting fees

0.11

–

0.13

–

Commission

0.28

(0.28)

0.33

(0.33)

Naushad D Forbes

Sitting fees

0.13

–

0.11

–

Commission

0.33

(0.33)

0.28

(0.28)

Omkar Goswami

Sitting fees

0.01

–

0.06

–

Commission

0.03

(0.03)

0.15

(0.15)

Anami N. Roy

Sitting fees

0.12

–

0.12

–

Commission

0.30

(0.30)

0.30

(0.30)

Pradip Shah

Sitting fees

0.04

–

0.05

–

Commission

0.10

(0.10)

0.13

(0.13)

Ms. Lila Poonawala

Sitting fees

0.05

–

0.05

–

Commission

0.13

(0.13)

0.13

(0.13)

Abhinav Bindra

Sitting fees

0.05

–

0.04

–

Commission

0.13

(0.13)

0.10

(0.10)

Name of the related party and nature of the related party relationship where control exists have been disclosed irrespective of whether or not there have been transactions between the related parties. In other cases, disclosure has been made only when there have been transactions with those parties.

Related parties as defined under clause 9 of the Indian Accounting Standard – 24 ‘Related Party Disclosures’ have been identified based on representations made by key managerial personnel and information available with the Company.

All above transactions are in the ordinary course of business and on arms' length basis. All outstanding balances are unsecured and are repayable in cash.