Consolidation

Situation:   Company A directly holds 47% in company B and 60 % in Company C.

Company C holds 4% in Company B.

Question- Is A required to consolidate B in its books as per AS 21.

( that is, Does A directly (47%) and indirectly holds more than 50 % of the nomimnal value of equity of B. That is will the holding be 47%+4%= 51%  OR, will it be 47%+ (60% of 4%= 2.40%) = 49.40%)

(assume it is purely based on shareholding and no control over the Board of Directors is evidenced)

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