Query regarding subsidy of a foreign company
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 July 2013
is a subsidy of a foreign company in india a foreign company or an indian company?
Ajay Mishra
(Expert)
08 July 2013
If a company is registered under the companies Act, then it will be an India company of which foreign company is holding company. You can also treat deemed foreign company.
Ajay Mishra
(Expert)
08 July 2013
As per Section 4(7) of the Companies Act, 1956:
A private company, being a subsidiary of a body corporate incorporated outside India, which, if incorporated in India, would be a public company within the meaning of this Act, shall be deemed for the purposes of this Act to be a subsidiary of a public company if the entire share capital in that private company is not held by that body corporate whether alone or together with one or more other bodies corporate incorporated outside India.
A private company, being a subsidiary of a body corporate incorporated outside India, which, if incorporated in India, would be a public company within the meaning of this Act, shall be deemed for the purposes of this Act to be a subsidiary of a public company if the entire share capital in that private company is not held by that body corporate whether alone or together with one or more other bodies corporate incorporated outside India.
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