04 August 2014
Yes, if it is a fully owned company then no requirement needed, but if it is not, then i believe it has to take the approval of Minority interest aswell.
04 August 2014
BUT IF THE LOAN WAS TAKEN BEFORE THE AMENDMENT OF THE COMPANIES ACT 1956 AND AT THAT TIME THE HOLDING C0MPANY HAD 100 % STAKE IN THE SUBSIDIARY COMPANY, HOWEVER AFTER THE AMENDMENT OF THE ACT THE HOLDING COMPANY'S STAKE CONSEQUENTLY REDUCED TO 60%(DUE TO INCLUSION OF PREFERENCE SHARES IN CALCULATION OF HOLDING COMPANY'S STAKE IN SUBSIDIARY COMPANY ), THEN WHAT SHOULD THE HOLDING COMPANY DO NOW?
CAclubindia
