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Our client is a pvt Ltd company having paid up capital of more than 10 crores. They have two corporate shareholders A&B) incorporated outside India ( Japan). A holds more than 95%; B holds less than 1%. The company has got three directors of which two directors ( Non-executive directors in India) are common with A&B. B is subsidiary of A. The company has got transactions with A in respect of sale, purchase and rendering of services. In view of this, could you pl clarify the following a) whether sec 2 (76) (vi) is applicable b) whether Sec 2(76)(viii) is applicable as it talks about company c) whether A ( holding company ) can pass a special resolution in respect of transactions with wholly owned subsidiary d) whether sec 188 is attracted?

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Posted By: Balachandran 10 year(s) ago

This question has been closed if you want to answer,you have to re-open.


Expert    Ankit Singhi

Answer to query a) No, not covered under sec 2(76) (vi) Answer to query b) as A is the holding company of a pvt company thus it got covered under sec 2(76)(viii) Answer to query c) Yes, A can pass a special resolution in respect of transaction with wholly owned subsidiary but in the cited case pvt company is not the wholly owned subsidiary of A (holds 95% ) Answer to query b) Yes, sec 188 is applicable

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