30 September 2010
From shareholding % point of view the same cannot be considered as a subsidiary of A.
But control in AS - 21 is defined as 5.1 Control:
the ownership, directly or indirectly through subsidiary(ies), of more than one-half of the voting power of an enterprise; or
control of the composition of the board of directors in the case of a company or of the composition of the corresponding governing body in case of any other enterprise so as to obtain economic benefits from its activities.
Since there is control of the composition of the board it could be treated as a subsidiary.
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