settlement had no material impact to the Group's financial position. (c) Southern Power Generation Sdn. Bhd. ('SPG') On 26 May 2023, the IRB issued notices of assessment for YAs 2017, 2018, 2019, 2020 and 2021 amounting in aggregate to RM78.5 million to SPG. On 6 June 2023, SPG filed a judicial review against the IRB at the High Court to challenge the matters arising from the above-mentioned notices. Subsequently, on 14 September 2023, the High Court granted leave to SPG to commence judicial review against the IRB and granted an interim stay of all further proceedings including the enforcement until the substantive hearing on 11 January 2024. Due to an ongoing discussion with a view to a proposed settlement with the IRB, the substantive hearing was vacated. The HighCourt has fixed a new hearing date on 28 March 2024. Based on the legal advice obtained from its tax solicitors on the merits of the case, SPG is of the view that the proposed settlement with IRB will not have a material impact to the financial statements. Notwithstanding with the above, SPG continued to claim tax deductions for YAs 2022 and 2023 as permitted by the law. 43 SIGNIFICANT RELATED PARTY DISCLOSURES For the purposes of these financial statements, parties are considered to be related to the Group or the Company if the Group or the Company has the ability, directly or indirectly, to control the party or exercise significant influence over the party in making financial and operating decisions, or vice versa, or where the Group or the Company and the party are subject to common control or common significant influence. The related parties of the Group and of the Company are: (a) Subsidiary companies Details of the subsidiary companies are shown in Note 49. (b) Associate companies Associate companies are those entities in which the Group has significant influence but not control as disclosed in Note 51. NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 300 43 SIGNIFICANT RELATED PARTY