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TMI BlogMeaning of "holding company" and "subsidiary".X X X X Extracts X X X X X X X X Extracts X X X X ..... wer of such company; (ii) where the first-mentioned company is any other company, holds more than half in nominal value of its equity share capital; or] (c) the first-mentioned company is a subsidiary of any company which is that other's subsidiary. Illustration Company B is a subsidiary of company A, and company C is a subsidiary of company B. Company C is a subsidiary of company A, by virtue of clause (c) above. If company D is a subsidiary of company C, company D will be a subsidiary of company B and consequently also of company A, by virtue of clause (c) above, and so on. (2) For the purposes of sub-section (1), the composition of a company's Board of directors shall be deemed to be controlled by ano ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... capacity; shall be treated as held or exercisable by that other company; (c) any shares held or power exercisable by any person by virtue of the provisions of any debentures of the first-mentioned company or of a trust deed for securing any issue of such debentures shall be disregarded; (d) any shares held or power exercisable by, or by a nominee for, that other or its subsidiary [not being held or exercisable as mentioned in clause (c)] shall be treated as not held or exercisable by that other, if the ordinary business of that other or its subsidiary, as the case may be, includes the lending of money and the shares are held or the power is exercisable as aforesaid by way of security only for the purposes of a transaction ent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es (Amendment) Act, 2000 as provisions relating to managing agents, etc. had become redundant after abolition of system by Act 17 of 1969. [ Words managing agents, Secretaries and treasurers omitted by the Companies (Amendment) Act, 2000, w.e.f. 13-12-2000 ]. [3] Substituted by Act 65 of 1960, section 3 for clause (c). [ Substituted for the that the directorship is held by that other company itself or by a subsidiary of it by the Companies (Amendment) Act, 1960 ] . [4] Inserted by the Companies (Amendment) Act, 1960, 65 of 1960, section 3. - - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI ..... X X X X Extracts X X X X X X X X Extracts X X X X
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