Government company
This query is : Resolved
Aanand Jha
(Querist)
08 May 2016
1. 40% shares held by Government and 15% shares held by Government Company. shall the company be treated as Government company?
2. If 51% shares held by Government in X Ltd. and X Ltd held 51% shares in Y Ltd. Now as per definition Y Ltd. is also a Government Company since Y Ltd. is subsidiary of X Ltd. and X Ltd. is Government Company so Government Control over Y Ltd. is Only 26% only.
Is there subsidiary mean, Wholly Owned Subsidiary or only Subsidiary?
Please Clear my confusion?
2. If 51% shares held by Government in X Ltd. and X Ltd held 51% shares in Y Ltd. Now as per definition Y Ltd. is also a Government Company since Y Ltd. is subsidiary of X Ltd. and X Ltd. is Government Company so Government Control over Y Ltd. is Only 26% only.
Is there subsidiary mean, Wholly Owned Subsidiary or only Subsidiary?
Please Clear my confusion?
Amol S Joglekar
(Expert)
09 May 2016
01. yes, it is Govt company
02. yes. Y ltd is govt co.
02. yes. Y ltd is govt co.
Aanand Jha
(Querist)
09 May 2016
But in definition Shareholding by Government company not mentioned, so still Government company? Can you give me any reference please
Amol S Joglekar
(Expert)
10 May 2016
which Act you are referring? Companies Act or Income Tax Act?
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