Clarification with regard to holding of shares or exercising power in a fiduciary capacity - Holding and Subsidiary relationship under Section 2(87) of the Companies Act.2013

Posted Date : 29-Dec-2013 , 09:11:59 pm | Posted By CASANSAAR print

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This Ministry has received a number of representations consequent upon notifyingsection 2(87) of the Companies Act, 2013 which defines "subsidiary company" or"subsidiary". The stakeholders have requested this Ministry to clarify whether shares heldor power exercisable by a company in a 'fiduciary capacity' will be excluded whiledetermining if a particular company is a subsidiary of another company. The stakeholdershave further pointed out that in terms of section 4(3) of the Companies Act, 1956, suchshares or powers were excluded from the purview of holding-subsidiary relationship.

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