| Related Party Transactions |
| 27 | Related Party Transactions |
Key managerial personnel (KMP)
| Gregory Bradford Moran | | Chief Executive Officer & Director (until June 20, 2024) | | Hiroshi Nishijima | | Chief Executive Officer (until May 02, 2025) | | Uri Levine* | | Director (w.e.f. March 31, 2025) | | Evelyn D’An | | Director | | Graham Gullan | | Director (until June 18, 2024) | | Swatick Majumdar | | Director | | Mohan Ananda | | Director | | Madan Menon | | Director (until April 16, 2025) | | John Robert Clarke | | Director (w.e.f. June 20, 2024) | | Mark Bailey** | | Director (until December 06, 2024) | | Deepankar Tiwari | | Chief Executive Officer (w.e.f May 09, 2025) |
Related party transactions pertaining to debt, investments, and
other current liabilities have been stated on the face of the Consolidated Balance Sheets and Consolidated Statements of Operations.
The Company had following transactions with related parties:
| | |
Year ended March 31, | |
| | |
2026 | | |
2025 | |
| Amount received for November 2024 Offering | |
| | |
| |
| Mark Bailey** | |
$ | - | | |
$ | 2,499,959 | |
| | |
| | | |
| | |
| Amount received for December 2024 Offering | |
| | | |
| | |
| Hiroshi Nishijima | |
$ | - | | |
$ | 50,001 | |
| Uri Levine* | |
$ | - | | |
$ | 300,000 | |
| | |
| | | |
| | |
| Consultancy Charges | |
| | | |
| | |
| Uri Levine | |
$ | - | | |
$ | 145,830 | |
| Deepankar Tiwari | |
$ | 716,408 | | |
$ | - | |
| | |
$ | 716,408 | | |
$ | 2,995,790 | |
The Company has the following outstanding balances
with related parties:
| As at | |
March 31, 2026 | | |
March 31, 2025 | |
| Payable to Director | |
| | |
| |
| Mohan Ananda | |
$ | 152,435 | | |
$ | 152,435 | |
| | |
| | | |
| | |
| Accounts Payable | |
| | | |
| | |
| Uri Levine | |
$ | - | | |
$ | 62,176 | |
| Deepankar Tiwari | |
$ | 19,265 | | |
$ | - | |
| | |
| | | |
| | |
| | |
$ | 171,700 | | |
$ | 214,611 | |
Remuneration and other compensation
arrangements with key managerial personnel and directors, comprising transactions of USD 1,051,534 (previous year USD 1,112,557) and related
payable balances of USD 533,032 (previous year USD 213,526), have been excluded from the related party disclosures above in accordance
with the scope exception in ASC 850-10-50-5(a), which excludes compensation arrangements, expense allowances and other similar items arising
in the ordinary course of business.
| * | Uri Levine become related party on March 31, 2025. However,
the transactions disclosed with Uri Levine were incurred before he become a related party. |
| ** | Mark Bailey was a related party until December 6, 2024. Accordingly,
transactions until December 6, 2024 with him has been disclosed. However, outstanding balances as of March 31, 2025, have not been disclosed,
as he was no longer classified as a related party on that date. |
|