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As per recent Companies Bill passed the definition of Subsidiary and Holding changed. Now any body corporate will also fall under subsidiary. A pvt ltd company is partner in a LLP and having capital contribution about 90% in LLP. Does as per new definition the LLP being a body corporate will become subsidiary of the Pvt Ltd Company. If yes, does the provision of consolidation will attract on this. What are other implication due this ?

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Posted By: Rkdhandia 8 year(s) ago

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Divesh Goyal

Yes LLP will be considered as Holding and Subsidiary of the Company. but no need of consolidation of account of LLP in Company because there is a proposed amendment in the section 136 also which says that Company needs to consolidate the acounts of Subsidiary Company or Associated Companies "Body corporate word is not used for consolidation"

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