Section 370(1b)
This query is : Resolved
18 February 2013
Meaning of together with their relatives in the Section 370(1B). And meaning of majority of shares in same Section.
Thanks
Thanks
18 February 2013
'relative' shall have the meaning prescribed u/s 2(41) of the Companies Act. However, section 2(41) takes us to section 6 which provides the definition of the term 'relative'. Refer Schedule 1A of the Act also.
Though majority of shares has not been defined in the section, in all probability it will mean holding at least 51% shares.
Though majority of shares has not been defined in the section, in all probability it will mean holding at least 51% shares.
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