Amal Ltd 2020-21

91 ( ` lakhs) Note 25.3 (C) Key Management Personnel compensation 2020-21 2019-20 Remuneration 16.65 16.35 1 Short-term employee benefits 1 11.45 11.45 2 Sitting fees to Independent Directors 5.20 4.90 1 Compensation exclude provision for gratuity and compensated absences since these are based on actuarial valuation on an overall company basis. ( ` lakhs) Note 25.3 (D) Transactionswith entities over which KeyManagement Personnel or their close family members have significant influence 2020-21 2019-20 Other transactions 1 Expenditure on Corporate Social Responsibility initiatives 26.65 24.08 Atul Foundation Trust 26.65 24.08 ( ` lakhs) Note 25.3 (E) Outstanding balances As at March 31, 2021 As at March 31, 2020 1 Preference shares 320.92 448.94 Atul Ltd 320.92 448.94 2 Receivables 469.01 686.74 Atul Ltd 464.51 686.74 Amal Speciality Chemicals Ltd 4.50 - 3 Payables 40.65 38.17 Atul Ltd 40.65 28.25 Atul Finserv Ltd - 9.92 Note 25.3 (f) Terms and conditions 1. Sales to and purchases from related parties were made on normal commercial terms and conditions and at prevailing market prices or where market price is not available, at cost plus margin. 2. Transactions relating to dividends were on the same terms and conditions that applied to other shareholders. Subscriptions for new equity shares were on preferential basis. 3. All outstanding balances are unsecured and are repayable in cash and cash equivalent. Note 25.4 Current and deferred tax During the year, the Company has decided to opt for provisions of Section 115BAA of the Income tax Act, 1961 (as per the provisions of section 115BAA, the Company is entitled to pay taxes at lower rate and give up certain exemptions including benefit of accelerated tax depreciation under the Income Tax Act 1961) with effect from Note 25.3 Related party disclosures (continued)