We are family owned unlisted public ltd co and have wholly owned subsidiary in UAE, which in turn holds 100% in Free Trade Zone of UAE. That step down subsidiary owns 75% in another country in Mauritius and this Maturities Company has 100% stake in one African company.
Possibly, RBI do not allow more than 2 step down subsidiaries.
Is it violation.?
Parent Indian Company is not considering accounts other than UAE Company.
Kindly guide.
CAclubindia
