Parties are considered to be related if one party
has the ability to control the other party or exercise significant
influence over the other party in making financial and operating
decisions. A related party transaction takes place with a transfer
of resources or obligations between related parties, regardless
of whether a price is charged.
Accordingly, Sri Lanka Telecom Services Limited (SLTSL) is a
related party of SLT where SLT has the ability to control. All
transactions during the year and balances as at the Balance
Sheet date between the two companies have been eliminated in
preparing consolidated financial statements.
Mobitel (Private) Limited, is a related party of SLT where SLT
has the ability to control. All transactions during 31 December
2003 and balances as at the Balance Sheet date between the two
companies have been eliminated in preparing consolidated financial
statements.
Mrs. M. Pathmanathan, wife of Mr. N. Pathmanathan, Directors
of the Company, held 5,000 ordinary shares of the Company as
at 31 December 2003.
Other related party transactions should be read in conjunction
with Note 29 to the financial statements. |
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