Fast track merger if not wholly owned subsidiary

Dear Respected Members,

This is a query on fast track merger of companies where company A is holding and B is a subsidiary. A has 87% shareholding in Company B. Now, as per the criterion for FTM under section 233 of Comp. Act. both companies should be small-scale and in the case of a subsidiary company it should be wholly owned.

In our case company, both are actually micro-scale and company B is not a wholly owned subsidiary (limited to 87% shareholding only), my query is if we can go with Fast Track Merger or not.

NOTE - None of the companies are important to the Public interest, have No debt, and No Creditors.

Please send a response as soon as possible.