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Section 224(1b)

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(Querist)
17 May 2012 when a Private Limited company which is subsidiary of Public Ltd company, in such a situation the will limit of 20 Public Ltd Companies be applicable or not?
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
17 May 2012 For the purpose of Section 224(1B), public company includes a private company which is the subsidiary of a public company.

Accordingly, the limit of 20 companies will be applicable.
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