Clause 49 of the Listing Agreement

The term “material nonlisted Indian subsidiary” shall mean an unlisted  subsidiary, incorporated in India, whose turnover or net worth (i.e. paid-up capital and  free reserves) exceeds 20% of the consolidated turnover or net worth respectively, of the listed holding company and its subsidiaries in the immediately preceding accounting year.

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As per Clause 49 of the LA, Material Non-Listed Subsidiary Company means a subsidiary Company of a Listed company which satisfied either of the following conditions:

1.  Such subsidiary is incorporated in India.

2. Turnover or net worth (Paid up capital + free reserve) of such subsidiary exceeds 20 % of turnover or net worth respectively of listed holding company and all its subsidiary including material non listed subsidiary company.

i.e     Turnover or net worth of Material non listed subsidiary co. >   20 % of  Turnover                                                                                                                or net worth of                                                                                                     Listed Holding co. and all                                                                                                          its  subsidiaries

  Rajeev Nayak