section 187C clarification -

K S Kiran (Computer Software) (114 Points)

29 December 2009  

X – Indian company

Y – wholly owned foreign subsidiary of X
 
Z – Indian subsidiary of Y
 
Shareholding of ‘Z’ company:
 
98 shares – held with ’Y’
2 shares – held with two individuals so far. Now,  to be transferred to ‘X’.
 
If transferred, whether holding 2 shares by ‘X’ comes  under section 187(c) – beneficial interest or not.
 
Whether ‘Z’ has to file Form 22B with ROC in this regard…