Restriction on number of layers for certain classes of holding companies

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..... sub-rule (2), shall have more than two layers of subsidiaries: Provided that the provisions of this sub-rule shall not affect a company from acquiring a company incorporated outside India with subsidiaries beyond two layers as per the laws of such country: Provided further that for computing the number of layers under this rule, one layer which consists of one or more wholly owned subsidiary o .....

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..... ferred to in clause (45) of section 2 of the Act. (3) The provisions of this rule shall not be in derogation of the proviso to sub-section (1) of section 186 of the Act. (4) Every company, other than a company referred to in sub-rule (2), existing on or before the commencement of these rules, which has number of layers of subsidiaries in excess of the layers specified in sub-rule (1) - (i) sha .....

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