Subsidiary and holding
Querist : Anonymous
Read section 42 of the Companies Act, 1956 which deal with the same.
A company cannot be a member of its holding company and any allotment or transfer of shares in a company to its subsidiary shall be void.
However, section 42(1) shall not prevent a subsidiary company from continuing to be a member of its holding company if it was a member thereof either at the commencement of the Act, or before becoming subsidiary of its holding. But in such cases a subsidiary shall have no voting right at the meeting of holding company or of any class of members thereof.
Querist : Anonymous
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