query on section 187C

can any one clarify me on the following query pl...

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…