Related party under 40a(2)(b)

priya (CA ) (25 Points)

25 September 2016  
X is Limited Liability Partnership, It has substantial Interest (more than 20% shareholding) in Y Ltd as well as Z Ltd. So Can we say that Y Ltd and Z ltd are related party under 40a(2)(b). If yes, as per which clause of Section 40a(2)(b).