Can Anyone please illaborate on the procedure of making a 99% subsidiary company, a 100% subsidiary company?
Ex:-
X Ltd(Public Company) holds 99% shares in YLtd( Public Company). Y Ltd. has 7 members X Ltd. and 6 others. In this case How X ltd would hold 100% shares in Yltd. with having at least 7 members?
Can a company nominate another person and hold shares in their names u/s 49(3) of the Companies Act, 1956? What is the procedure of nomination and holding the shares?
You are correct. File 22B for all the other Shareholders. The Final Situation will be X limited will hold 100% shares by itself and through its nominees.
Apologies a slight correction in my statement above, File 22B for The other 6 shareholders.
You will require to obtain Form I from X Ltd and Form II from all the other 6 shareholders and then file 22B.
Cheers
Is FORM I under Beneficial interest rules, an instrument to transfer benneficial interest or declaration of transfer of beneficial interest?
Whether any register is required to be maintained by Y ltd.u/s 49(7) of the Companies Act, 1956 after receiving FORM I or II?
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