Every company including its holding or subsidiary, and a foreign company defined under clause (42) of section 2 of the Act having its branch office or project office in India, which fulfills the criteria specified in sub-section (1) of section 135 of the Act shall comply with the provisions of section 135 of the Act and these rules.
Does it mean applicable to company means automatically holding and subsidiary need to follow or we have to see applicability individually.
01 December 2014
every company means you need to check every company wise seperately i.e for holding comany and for subsidiary etc otherwise they would have clarifed that for holding company even thier all subsidiaries shall have to apply sec 135 irrespective of their net worth/ turnover/ paid up capital etc
CAclubindia
