K S Kiran (Computer Software) (114 Points)
22 December 2009can any one clarify me on the following query pl...
X – Indian company
Y – wholly owned foreign subsidiary of X
Z – Indian subsidiary of Y
Shareholding of ‘Z’ company:
98 shares – held with ’Y’
2 shares – held with two individuals so far. Now, to be transferred to ‘X’.
If transferred, whether holding 2 shares by ‘X’ comes under section 187(c) – beneficial interest or not.
Whether ‘Z’ has to file Form 22B with ROC in this regard…
Jagruti (CS)
(Service)
(1953 Points)
Replied 02 January 2010
Form 22B is to be filed if one person holding shares for the benifit of other. As X is holding 2 shares of Z individual & not as representative of Z, therefore Form 22B is not required to be filed.
But if X holds shares only to fulfill membership creteria on behalf of Z it is required to be filed
CAclubindia
