Government company

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(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?
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Amol S Joglekar

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Amol S Joglekar (Expert)
09 May 2016 01. yes, it is Govt company
02. yes. Y ltd is govt co.
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Aanand Jha

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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
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Amol S Joglekar

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Amol S Joglekar (Expert)
10 May 2016 which Act you are referring? Companies Act or Income Tax Act?
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