For a transaction to be considered as one with a related party, both conditions do not need to be met.
Meeting either of the two conditions is sufficient.
If a party qualifies as a related party under the Companies Act or under the applicable Accounting Standard, then any transactions with them qualify as Related Party Transactions.
Either condition needs to be satisfied rather than both.
Furthermore, related part transactions include those with deemed related parties, which are so deemed regardless of whether they meet either of the two conditions above. (1) Persons/entities that are part of the promoter group (2) Persons/ entities holding 10% or higher beneficial interest at any point in the immediately preceding financial year.
Affinisio(RPT) therefore enables you to comply with multiple regulatory exposures based on what is applicable for you. The PIN-1 application variant enables you to get segregated compliances under each corporate laws, accounting standards or exchange and listing requirements. Every related party transaction is accorded the relevant sorting filtering and reporting treatment based on applicability to get all your compliance needs addressed centrally and automatically.
