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This is regarding associate and subsidiary companies. As per new act even the loan given to subsidiary companie by its holding companies are not exempt except in case of 100% subsidiaries. If a company holds the entire share capital of its subsidiary except one share ehich is held by one of the holding as well as subsidiary company's Director(all the Directors are same in both the companies) will it be treated as 1005 subsidiary or the one share must be held as a nominee by complying with the beneficial interest requirement to make it a 1005 subsidiary

Associate

Posted By: Anita 10 year(s) ago

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


    s.m.a.millath

For being a 100% subsidiary, all shares are to be held by the holding company. To float a company there have to be two subscribers. Obviously the other subscriber is subscribing to the share with beneficial interest being with the holding company. Earlier sec 187 C was applicable and now sec 89.

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    AKILA

the exemption is available for the loan only given to wholly owned subsidiary, since then the one share should be held by the director only as a nominee.

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