Section 19
Kalpesh Soni (12 Points)
20 March 2020
what if subsidiary company receive share as legal representative from non deceased member ???
2 Replies
CS Rashi Jain
(Practicing Company Secretary @ RASHI JAIN & ASSOCIATES)
(1295 Points)
Replied 20 March 2020
Exceptions applicable to subsidiary company to not to hold shares in its holding Company:
[a] where the subsidiary company holds such shares as the legal representative of a deceased member of the holding company; or
[b] where the subsidiary company holds such shares as a trustee; or
[c] where the subsidiary company is a shareholder even before it became a subsidiary company of the holding company:
If subsidiary company receive shares as legal representative from non deceased member it is not allowed.
[a] where the subsidiary company holds such shares as the legal representative of a deceased member of the holding company; or
[b] where the subsidiary company holds such shares as a trustee; or
[c] where the subsidiary company is a shareholder even before it became a subsidiary company of the holding company:
If subsidiary company receive shares as legal representative from non deceased member it is not allowed.
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