Audit
This query is : Resolved
Deepak Dhankhar
(Querist)
16 January 2014
As per co act every co which is sub. Of poblic co is treated as punlic co.but in audit i saw pvt co which is sub of public co not a public co plz gives the right ans.
Shudhanshu Agrawal
(Expert)
17 January 2014
According to Sec 3(iv) a private company who is subsidiary of a company not a private company is considered a public company. This is a deeming fiction under Companies Act, 1956. In my knowledge it will not change its overall status to public company. You need to be careful while applying different sections of Companies Act on this type of company. It will be easy if you can mention the relevant section or provision.
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