We have a subsidiary A in which we are holding 49,994 shares of Rs. 10/- each. Six shares are with other officers of our company (Six shareholders with nominal 1 share each) in joint holding with our company. Does section 187C still applies? As such being the first joint holder all the dividends, notices etc are coming to us and the second holder is just for the sake of name. Also in the rules related to this section they say Section 187C has become redundant whereas Form 22B is still applicable, a lot of confusion, can anyone help..and yeah 
if it is applicable then what are the penalties of default and way out
An expert advice awaited :) thanks
CAclubindia
