Holding, Subsidiary Co.

This query is : Resolved

Rajesh (Querist)
Follow

16 December 2010 I have a private limited compnay,indian co. under which 85% of paid up capital is held by a foriegn incorporated company. whether the indian private co. is a subsidiary co.of this forien co.if yes than under which section of Companies Act 1956 it comes. And should i give this information at the time filing of form 23AC. What is the Accounting Standard of this.

udit sharma

udit sharma (Expert)
Follow

17 December 2010 Hi...

As per section 4(7) of the Companies Act, 1956, since only 85% of the paid up capital is held by the foreign company, the said private Company will be treated as a 'Private Company which is a subsidiary of a Public Company' and will have to comply with the applicable proviions of the Companies Act, 1956...

In case the entire share capital of the private company is held by the Foreign Company singly or jointly with one or more body corporates incorporated outside india, then the Private Company shall not be treated as 'Private Company which is a subsidiary of a Public Company' and will have the status of an Independent Private Company....

Yes you will have to mention the name of the Holding Company in Form 23AC.

God Bless

Udit Sharma

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

REGIWISE CONSULTANTS PVT LTD

Arvind Sharma

Raj Jaggi

tpksathyan narayanan

R.Prashanth

Subscribe Now

Holding, Subsidiary Co.

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA