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In this video-
Teacher's Name - CS Payal Popli
Topic - Holding and Subsidiary Company
Chapter 4 -Elements of Company Law
Subject - Legal Aptitude and Logical Reasoning
CSEET (ICSI)
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Holding and Subsidiary Company-
As per Section 2(87) “subsidiary company” or “subsidiary”, in relation to any other company (that is to say the holding company), means a company in which the holding company-
(i) controls the composition of the Board of Directors; or
(ii) exercises or controls more than one-half of the total share capital either at its own or together with one or more of its subsidiary companies:
Provided that such class or classes of holding companies as may be prescribed shall not have layers of subsidiaries beyond such numbers as may be prescribed.
Explanation.-For the purposes of this clause,-
(a) a company shall be deemed to be a subsidiary company of the holding company even if the control referred to in sub-clause (i) or sub-clause (ii) is of another subsidiary company of the holding company;
(b) the composition of a company’s Board of Directors shall be deemed to be controlled by another company if that other company by exercise of some power exercisable by it at its discretion can appoint or remove all or a majority of the directors;
(c) the expression “company” includes anybody corporate;
(d) “layer” in relation to a holding company means its subsidiary or subsidiaries;
COMPANY INCLUDES BODY CORPORATE:
As per Sec 2(87) Company include a ‘Body Corporate’.
As per Sec 2(11) body corporate includes a ‘Company incorporate out of India’.
Thus, an Indian company in which more than 50% shares are held by a foreign body corporate will be a ‘Subsidiary Company’.
Similarly, any Indian body corporate can be ‘holding company’ even if that body corporate is not registered as ‘company’ under company Act.
An Indian company can be holding/subsidiary of a foreign body corporate even if it is not registered as a Company.
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