Notes to Standalone Financial St_Note_39

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

2023–24

2022–23

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)

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

12.09

–

12.35

–

Chetak Technology Ltd. (Fully owned subsidiary)

Contribution to equity (470,000,000 shares of ₹ 10 each)

–

470.00

465.00

470.00

Loan to CTL

–

–

100.00

–

Repayment of Loan

–

–

100.00

–

Interest received on loan

–

–

0.72

–

Services received (including reimbursement of expenses )

45.59

–

0.11

–

Services rendered

16.84

–

15.15

–

Sales (including capital asset)

5.34

–

60.60

–

Purchases

204.69

(33.47)

32.99

–

Sale of CTL assets to BAL

147.58

–

–

–

Bajaj Auto Credit Ltd. (Fully owned subsidiary)

Contribution to capital (295,000,000 shares of ₹ 10 each)

265.00

295.00

25.00

30.00

Services received (including reimbursement of expenses )

0.31

–

0.95

–

Services rendered (including reimbursement of expenses )

1.57

(0.10)

–

–

Bajaj Do Brasil Comercio De Motocicletas Ltda

Contribution to equity (52,000,000 shares of Reais 1 each)

36.98

84.99

48.00

48.00

Sale of material

31.90

26.36

–

–

Bajaj Auto Spain S.L.U.

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

–

5.16

–

5.16

Services received

13.62

–

12.46

–

   

B

Associates, joint ventures and investing parties:

Bajaj Holdings & Investment Ltd. (Investing party – holds 34.22% shares of Bajaj Auto Ltd.)

Investment in shares by BHIL [95,547,251 shares of ₹ 10 each]

–

(95.55)

–

(96.73)

Purchase of shares by BAL [3,500,000 shares of Rs. 10 each]

–

1,111.49

–

1,111.49

Buyback of shares

1,179.80

–

–

–

Dividend paid

1,354.18

–

1,354.18

–

Dividend received

43.05

–

47.25

–

Business support service received

31.83

–

40.34

–

Business support service rendered

1.10

–

0.23

–

   

C

Key management personnel and their relatives:

Rajiv Bajaj (Managing Director)

Short-term employee benefits (including Commission)

50.30

(32.61)

44.45

(29.45)

Post-employment benefits

3.46

–

3.12

–

Rent paid for premises

3.08

–

2.48

–

Deposit paid against premises taken on lease

–

1.92

–

1.92

Pradeep Shrivastava (Executive Director)

Short-term employee benefits

14.70

–

9.34

–

Post-employment benefits

0.92

–

0.78

–

Equity shares issued pursuant to stock option scheme

6.26

–

–

–

Fair value of stock options granted

1.79

–

1.51

–

Rakesh Sharma (Executive Director)

Short-term employee benefits

11.29

–

9.72

–

Post-employment benefits

0.79

–

0.66

–

Equity shares issued pursuant to stock option scheme

–

–

1.20

–

Fair value of stock options granted

1.79

–

1.41

–

Madhur Bajaj (Vice Chairman)

Rent paid for premises

0.29

–

0.33

–

Deposit paid against premises taken on lease

–

–

–

4.40

Sitting fees

0.05

–

0.07

–

Commission

0.16

(0.16)

0.18

(0.18)

Sanjiv Bajaj

Sitting fees

0.06

–

0.07

–

Commission

0.19

(0.19)

0.18

(0.18)

Shekhar Bajaj

Sitting fees

–

–

0.03

–

Commission

–

–

0.08

(0.08)

Niraj Bajaj (Chairman)

Sitting Fees

0.11

–

0.11

–

Commission

0.35

(0.35)

0.28

(0.28)

Rishabnayan Bajaj

Remuneration including perquisites

0.39

–

0.23

–

Estate of Rahul Bajaj

Rent paid for premises

0.25

–

0.31

–

Deposit paid against premises taken on lease

–

–

–

3.60

   

D

Other entities/persons:

Bajaj Finserv Ltd.

Purchase of windpower

–

–

0.66

–

OA charges reimbursement

–

–

0.52

–

Business support service rendered

0.38

–

0.24

–

Sale of Asset

–

–

2.19

–

Bajaj Finance Ltd.

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

–

–

–

–

Service rendered

37.40

(0.09)

31.69

–

Service received

4.43

–

8.23

(6.66)

Security deposit received

–

(0.21)

–

(0.21)

Investment in/(redemption of) fixed deposit

–

500.00

500.00

500.00

Investment in/(redemption of) Secured Non Convertible Debentures

(500.00)

–

–

500.00

Interest income/(reversal) on fixed deposit

37.82

19.92

9.52

9.52

Interest income/(reversal) on Secured Non Convertible Debentures

2.70

–

25.25

22.55

Dividend paid

–

–

–

–

Bajaj Allianz General Insurance Co. Ltd.

Insurance premiums paid

25.51

0.92

24.90

12.07

Claims received/receivable

–

–

4.65

–

Bajaj Allianz Life Insurance Co. Ltd.

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

–

(0.13)

–

(0.13)

Insurance premiums paid/(refunded)

1.59

–

–

–

Dividend paid

1.75

–

1.75

–

Bajaj Housing Finance Ltd.

Services rendered

2.03

–

1.33

–

Security deposit received

–

(0.03)

–

(0.03)

Bajaj Electricals Ltd.

Purchases (including services received)

0.01

(0.12)

0.01

(0.11)

Hind Musafir Agency Ltd.

Services received

17.36

0.13

10.74

(0.58)

Hindustan Housing Co. Ltd.

Maintenance charges paid

0.27

0.04

0.29

–

KTM AG

Sale of vehicles and material

548.63

(49.11)

678.94

39.92

Services rendered and other debits

36.83

–

32.40

–

Purchase of accessories & other credits

0.46

–

6.41

–

KTM Sportmotorcycle GmbH

Sale of vehicles and material

1,133.33

32.00

1,264.52

40.02

Royalty paid and payable

36.38

(8.78)

29.37

(9.11)

Services rendered and other debits

0.09

–

0.38

–

Purchase of accessories, merchant purchase & other credits

0.49

–

0.57

–

KTM Southeast Europe S.A.

Sale of vehicles and material

–

–

–

–

KTM Sportmotorcycle India Pvt. Ltd.

Royalty paid and payable

9.19

(2.26)

7.41

(2.29)

Services rendered and other debits

5.95

1.41

4.45

0.23

KTM Forschungs & Entwicklungs Gmbh

Sale of vehicles and material

4.33

0.01

6.05

0.21

KTM Australia PTY

Sale of vehicles and material

0.04

–

–

–

KTM North America

Sale of vehicles and material

0.02

–

–

–

Husqvarna Motorcycles GmbH

Sale of vehicles and material

224.45

7.41

238.50

11.60

Royalty paid and payable

0.38

(0.25)

0.27

(0.05)

Purchase of accessories & other credits

0.02

–

–

–

Maharashtra Scooters Ltd.

Investment in shares by MSL (6,879,333 shares of ₹ 10 each)

–

(6.88)

–

(6.96)

Dividend paid

97.50

–

97.50

–

Buyback of shares

84.94

–

–

–

Purchases

1.48

(0.01)

4.16

(0.47)

Sales (including capital asset)

–

–

–

–

Services rendered

0.07

–

0.07

–

Bajaj Auto Holdings Ltd.

Business Support Services Received

–

–

–

–

Forbes Marshall Pvt Ltd

Purchases

–

–

0.01

–

Krohne Marshall Pvt Ltd

Purchases

–

–

0.10

(0.01)

Bajaj Auto Employees Group Gratuity Fund

Gratuity contribution

1.91

–

11.00

–

Bajaj Auto Senior Staff Group Gratuity Fund

Gratuity contribution

1.50

–

1.00

–

Bajaj Auto Employees Superannuation Fund

Superannuation contribution

8.41

–

8.38

–

Bajaj Auto Ltd. Provident Fund

Provident fund contribution (Employer's share)

45.23

(0.02)

42.76

0.01

Kiska GmbH

Services received

3.92

–

–

–

D J Balaji Rao

Sitting fees

0.10

–

0.19

–

Commission

0.32

(0.32)

0.48

(0.48)

Naushad D Forbes

Sitting fees

0.16

–

0.14

–

Commission

0.50

(0.50)

0.35

(0.35)

Anami N. Roy

Sitting fees

0.14

–

0.14

–

Commission

0.44

(0.44)

0.35

(0.35)

Pradip Shah

Sitting fees

0.15

–

0.11

–

Commission

0.47

(0.47)

0.28

(0.28)

Ms. Lila Poonawala

Sitting fees

0.07

–

0.08

–

Commission

0.22

(0.22)

0.20

(0.20)

Abhinav Bindra

Sitting fees

0.12

–

0.09

–

Commission

0.38

(0.38)

0.23

(0.23)

CSEP Research Foundation

CSR Expenses

1.70

–

1.60

–

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.