The proviso to it states that Relative can hold Security of Company upto FV- Rs100000
So my Ques is Whether the Relative can hold securities of Holding/Subsidiary n Associate also or only of Company??
Menu
Section 141(3)(d)
Replies (4)
Here company includes subsidiary,holding,and associate company as a related party
The relative can hold shares value 1lakh in the group companies
As per literal interpretation of rule 10, sub rule 1 which clearly express relative of applicant may hold the security interest only in the concern company in which proposed applicant wants to appoint.
In your query relative of applicant (auditor) shall not allow to hold security interest in the holding Co., subsidiary Co. Or associate Co.
However as per rule 10 sub rule 2 and 3 which allow such holding by relative subject specified limit as mention in rule 10 itself.
holding share of upto FACE VALUE OF RS 1,00,000 /- in company , its holding , subsidiaries or associates .
Recent Threads
- Deferment period for Advance Tax under Section 234
- Permanant transfer of duty free goods by Advance A
- 1% TDS Deduction on Property purchase through inst
- Tax on leave encashment on retirement
- Guidance Required on Notices Under Section 234B Af
- Rcm invoices and normal invoice
- Regarding STCG on Equity
- GSTR 9 details with same PAN & different Turno
- Hotel ITC
- ITR for Trust- 12A
Related Threads
CAclubindia
