ASCENDAS india trust ANNUAL REPORT 2014/15
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
For the financial year ended 31 March 2015
2.
Significant accounting policies (continued)
2.24 Related Parties
A related party is defined as follows:
(a)
A person or a close member of that person’s family is related to the Group and Trust if that person:
(i)
has control or joint control over the Trust;
(ii)
has significant influence over the Trust; or
(iii)
is a member of the key management personnel of the Trustee-Manager or of a parent of the Trust.
(b)
An entity is related to the Group and the Trust if any of the following conditions applies:
(i)
the entity and the Trust are members of the same group (which means that each parent, subsidiary and fellow
subsidiary is related to the others);
(ii)
one entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of
a group of which the other entity is a member);
(iii)
both entities are joint ventures of the same third party;
(iv)
one entity is a joint venture of a third entity and the other entity is an associate of the third party;
(v)
the entity is a post-employment benefit plan for the benefit of employees of an entity related to the Trust. If
the Trust is itself such a plan, the sponsoring employers are also related to the Trust;
(vi)
the entity is controlled or jointly controlled by a person identified in (a); or
(vii)
a person identified in (a)(i) has significant influence over the entity or is a member of the key management
personnel of the entity (or of a parent of the entity).
