What will be the status of the company wherein majority of the voting rights has entered into a joint arrangement i.e. around 65% and the remaining is held by n number of shareholders.
So whether this company is a joint venture company or any other type of company?
As the joint arrangement is between only two shareholders and not all the shareholders so whether the given case can be covered in the definition of joint venture company?
if all the conditions for classifying the company as joint artangement as specified in Ind AS 111, it will be considered as joint arrangement dispite of the fact that it is jointly controlled by 2 or more.
conditions are
1) there is joint control by two or more parties
2) there is contract between these parties ( oral/written/structured)
3) there is unanimous consent among such parties having joint control to take decisions on relevant activities of business jointly
then the company is said to be Joint arrangement
such joint arrangement can be joint operation or joint venture.
if such joint arrangement is "separate" "independent" entity then it will be considered as Joint venture otherwise it will be considered as Joint Operation
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