Company law.
This query is : Resolved
06 March 2014
There is one public company (A)having minimum 7 members.
Another public Company (B) wants aquire 100% shares of company(A) and form company (A) as a wholly owned subsidiary company of it.
Now All 7 members will no longer member of company (A) and there will be only one member Company (B).
So what will be the status of public company (A) as it requires minimum 7 members to be continue as public company?
Is this possible?
Another public Company (B) wants aquire 100% shares of company(A) and form company (A) as a wholly owned subsidiary company of it.
Now All 7 members will no longer member of company (A) and there will be only one member Company (B).
So what will be the status of public company (A) as it requires minimum 7 members to be continue as public company?
Is this possible?
07 March 2014
please note that subsidiary of a public company is also considered a public company.
07 March 2014
refer section 43A of the companies act 1956
07 March 2014
Thank u very much Nikhil Sir for considering the query..
Actually i got one solution that holding company A ltd will give the 6 shares to other 6 persons as its nominee.
And in MOA of the WOS company along with Holding company name of remaining 6 persons will be entered as nominee and holding company will be the beneficial owner.
for this nominee will file declaration U/S 187c(1)
and HC will file declaration u/s 187c(2)
Actually i got one solution that holding company A ltd will give the 6 shares to other 6 persons as its nominee.
And in MOA of the WOS company along with Holding company name of remaining 6 persons will be entered as nominee and holding company will be the beneficial owner.
for this nominee will file declaration U/S 187c(1)
and HC will file declaration u/s 187c(2)
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