A Private Limited Company ( say ABC Pvt Ltd) is having two shareholders:
1. A foreign company holding 99% shares
2.An Indian Company( say XYZ Pvt Ltd) whose entire share capital is is held by twp foreign companies.- holding the balance 1% shares.
Then, can it be said that ABC Pvt Ltd is a wholly owned subsidiary of a public company?
if XYZ pvt ltd holding shares as nominee,(only 1 share) and not 1%, then ABC is 100% subsidiary of foreign company and retain the status of private co
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