| NOTES TO THE FINANCIAL SATAEMENT |
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NOTE 30. RELATED PARTY RELATIONSHIPS AND TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 (SLTL) 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 1 November 2002 and 31 December 2002 and balances as at the Balance Sheet date between the two Companies have been eliminated in preparing consolidated financial statements. Mrs. M. Pathmanathan and Mrs. A. Fernando, wives of Mr. N. Pathmanathan and Mr. R. Fernando respectively, Directors of the Company, held 5,000 ordinary shares each of the Company as at 31 December 2002. Other related party transactions should be read in conjunction with Note 29 to the financial statements. |
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