99% Shares of an Indian Pvt Company are held by a foreign listed public company. The balance 1% shares are held by a foreign individual. But, the beneficial interest is vested with foreign listed public company. Now, does the Indian pvt co can be considered as subsidiary of public company as per the provisions of Sec 4(7) of the Companies Act, 1956. Please clarify at the very earliest.
CAclubindia
