18 July 2014
Sec 56(2)(viia) / 56(2)(viib) are not applicable on companies in which public are substantially interested.
Now wish to know that there is a company listed on a regional stock exchange which is a recognized stock exchange. But on looking for the status of the company, it is a suspended company. The question is that if a suspended company will also be treated as "a company in which public are substantially interested" or not and accordingly Sec 56 (2)(viia) / (viib) would be applicable to it or not?
CAclubindia
