Balance sheet in sch iii

Please let me know if a pvt company holding majority share in capital of partnership firm engaged in manufacturing activities has to include accounts of firm in its balance sheet & show minority interest or not?? will the position be different if the minority partner is also director in the pvt co and working partner in firm also??

Since the share in profit of firm is exempt from income tax, there  need not be any provision of tax in books of holding company??