Shareholding in pvt ltd company under companies act 2013

Hi Everyone, Can any one clearify that in a Pvt Co. can a share holder hold 99% on behalf of a foreign company and 1% on his own name? For example: Indian Pvt Company X, Y an NRI individual and Z is a foreign Company. In this case can Y hold 99% shares of Co. X on behalf of Co. Z and 1% on his (Y) name?

If possible please refer relevant section or rule.

Thanks....