Can any body give me the interpretation of Section 4(7) of Companies act.When any Wholly Owned Susidiary of Foreign Corporate is deemed to be public company in terms of Section 4(7) .
29 September 2007
If the entire share capital in that private company is not held by that body corporate. It is deemed public company. But they should file returns to RoC in respctive Forms. (If any nominee is assigned)
i.e If the entire share capital in that private company is held by two body corporate it will be treated as Private Company. Indian subsidiaries of foreign public companies need not, if they are pvt companies, file their profit and loss account with the Registrar (vide sec 220(1)(b).
CAclubindia
