Whether a company even if having 50% holding in subsidiary can fully control its subsidiary thru AOA

Shareholding is not the only requirement. As per Section 2(87)(i) of the Act if GSPC control the composition of the Board, they will be considered holding co of GSPL.

We should take care that AoA never override the provisions of the Act. In this case GSPC have put a check on themselves which is fine as the Act still supported them under 2(87)(i) as a holding co.

Can GSPL write in their listing agreement with BSE that they shall appoint more than 50% independent directors and then can say in court they are not Govt company as per Article 12 & 226 of constitution ? 

@ Deepak , Listing Agreement is Uniform. Governed by SEBI( LODR ) ,so ,NRC will propose suitable names for I/D here it's a State Govt Company ,So Ultimate Right may also be with the delegated authority or ministry in charge , For Article 12 & 226 it's a PSU ( Not by definition than by Act of Govt and Supporting dox like Mgt-7 ,Annual Report etc.)so may fall under Govt Company ,can be supported by SC Judgements..

Thanks Chiragji- A case of mine is under consideration. In case you can provide me some case laws where a PSU less than 50% govt holding is considered STATE under Article 12 & 226 because of control thru AOA, it may me helpful- mail ID mayanka_shri @ yahoo.co.in

 

It's a bit tricky ,because by act GSPL seems to be PSU but purely on technical term , 37% shareholding of GSPC ,its not complying with 51% to be classified as State ,you may have to search on google about SC Judgements,but prima facie with AOA , Management Rights , and thorough reading of annual report and latest shareholding Pattern you can infer something ,if shares are issued by or held by to other state or central govt entity and combinely with GSPC holding its >51% then it will be State .

Dear Chiragji- Can I get some consultant who can help me on this. I have a competent lawyer & he is also confident of winning Regards
Deepak Saxena 

PS- Pl share contact details on my cell sent thru pvt message or mail mayanka_shri @ yahoo.co.in 

You can also paste my wall LInkedin https://www.linkedin.com/in/deepaksaxena1/  or facebook https://www.facebook.com/mayankashri/

Thanks again for helping me