Dear All,
I have a query on the applicability of section 4(7) of companies act under the following circumstances:
A private limited company in india is aquired by a company incporporated in mauritius (not a listed company). The mauritius company holds more than 85% of equity share capital in the indian company.
Further the mauritius company is the wholly owned subsidiary company of a company listed in US.
As in this case the indian private limited company is a subsidiary of a mauritius company which is not a listed company , will the indian company attract the applicability of section 4(7) of the Indian Companies Act.
Views of the learned professionals is requested.
Regards
Vikram
CAclubindia
