Geetu (CS Final Student) (50 Points)
25 August 2008Dear All,
Please respond to my following query:
My company is a pvt company but by virtue of section 4(7) it has become a subsidiary of public company.
Now i want to know
1. what are the compliances i need to take care off and within which period.
2. Need i change the name of the company by deleting world private?
3. Need i inform ROC or any other authority ?
4. Should i increase the no. of Directors and memebers?
Thanks and Regards
Geetu
rajesh
(CS student)
(32 Points)
Replied 27 August 2008
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Firstly, your company needs to comply with all the provisions applicable to public companies under the Companies Act. secondly, No you need not delete the word private from the name of the Company. All the conditions priscribed in 3(1)(iii) are applicable to the company and if the company wants delete the word private, it has to follow the procedure as stipulated thirdly, information of being subsidiary is required to be furnished in Annual Filing. fourthly, all the conditions prescribed in 3(1)(iii) are applicable to the Company
Originally posted by :Geetu |
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| " | Dear All, Please respond to my following query: My company is a pvt company but by virtue of section 4(7) it has become a subsidiary of public company. Now i want to know 1. what are the compliances i need to take care off and within which period. 2. Need i change the name of the company by deleting world private? 3. Need i inform ROC or any other authority ? 4. Should i increase the no. of Directors and memebers? Thanks and Regards Geetu |
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what are the sections applicable to public company but are not applicable to its private subsidiary company.
Is private company subsidiary of public company treated at par with public company?
wether provisions of private company or public company are applicable to pvt co subsidiaryof public company?
rajesh
(CS student)
(32 Points)
Replied 04 September 2008
Provisions not applicable to private companies whether subsidiaries of public companies of public compnies or not
Section 70-Prohibhition of allotment before Registration of statement of Statement in lieu of prospects with RoC, Section 81- manner in which subscibed shares can be increased for Issue of further shares, Section 149- Restriction on commencement of business, Section 165- statutory meeting and statutory report, Section 219-right of a member to copies of Balance sheet and Auditors report. Section 266- consent and qualification shares for directors and Section 284- removal directors holding directorship for life prior to 1952
Rekha Sharma
(Company Secretary)
(167 Points)
Replied 04 September 2008
A private company if subsidary of public limited company is a public company and all provisions of companies act 1956 as applicable to public company becomes applicable to it i.e no privilages will be available to it which would have been availble to it if it was a private company .
A private company subsidary of public company may continue to have the restriction of sec 3(1)ii in its articles . There is no need to delete the word private limited uless the company desire so.
surbhi lohiya
(cs)
(34 Points)
Replied 04 September 2008
1.your company needs to with all the provisions applicable to public Companies under Companies Act,1956
2.there is no need to delete the private word from the name
and yes there is a need t increase the directors to 3 and members to 7.
Lineesh James
(Company Secretary)
(30 Points)
Replied 17 September 2008
There are three types of Companies:
1.Private pure and simple
2. Public not private
3. Private but Public
The third type of Companies will have all the restrictions which are applicable to both Private Companies and public Companies. Previleges not available.
Now I have the following Questions.
1. A Ltd & B Pvt Ltd( does not have holding Companies) holds 50% share each in C Pvt Ltd. Is C Private or Public?.
2.Whether is it possible to adopt a structure by which a public Company have a Private Subsidiary(without being deemed as public)?.
All the restriction
Anki Reddy
(i am doing CA final)
(0 Points)
Replied 12 November 2008
please clarify
after receiving share application money
1. what is th period for allotment of shares in case of private companies?
2. is share application money has to be deposit in a schedule bank till the allotment in case of private company?
Can anybody please respond to this query ASAP. Thanks in advane.
If an auditor gives a wrong certificate under section 224(1B) i.e. he falsely states that the number of audit is within specified limits and the company obtains such a certificate.. Later on if it is found out that the auditor has given a false certificate.. will there be any actionaagainst the company?
Lineesh James
(Company Secretary)
(30 Points)
Replied 24 November 2008
Department may sent showcause notice to the Company but the Company can successfully defend itself if the appointment is made in good faith on the basis of the certificate issued by the Auditor.
umang gupta
(partner)
(35 Points)
Replied 02 December 2008
how can a pvt. co. be subcidiary of public co.?
manju
(ACS FINAL STUDENT)
(75 Points)
Replied 22 October 2009
Two private limited company, and its board of directors are same. In this situation, it will be treated as subsidiary? what are the basics to treat as subsidiary?
Ajay Mishra
(Company Secretary)
(74337 Points)
Replied 24 October 2009
Dear Vasuki
If two private limited company and its board are same, in this situation both companies are treated as seperate legal entity and it can not be treated as subsidiary.
For being a subsidiary of another company, it must cover under section 4 of the Companies Act, 1956.
Regards
CAclubindia
