TMI BlogCompanies (Restriction on number of layers) Rules, 2017X X X X Extracts X X X X X X X X Extracts X X X X ..... their publication in the Official Gazette. 2. Restriction on number of layers for certain classes of holding companies .- (1) On and from the date of commencement of these rules, no company, other than a company belonging to a class specified in sub-rule (2), shall have more than two layers of subsidiaries: Provided that the provisions of this sub-rule shall not affect a company from acquiring a company incorporated outside India with subsidiaries beyond two layers as per the laws of such country: Provided further that for computing the number of layers under this rule, one layer which consists of one or more wholly owned subsidiary or subsidiaries shall not be taken into account. (2) The provisions of this rule shall not a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... i) shall not, in case one or more layers are reduced by it subsequent to the commencement of these rules, have the number of layers beyond the number of layers it has after such reduction or maximum layers allowed in sub-rule (1), whichever is more. (5) If any company contravenes any provision of these rules the company and every officer of the company who is in default shall be punishable with fine which may extend to ten thousand rupees and where the contravention is a continuing one, with a further fine which may extend to one thousand rupees for every day after the first during which such contravention continues. Annexure Form CRL-1 Return regarding number of layers (see clause (i) of sub-rule (4)of Rule 2) 1. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .. SL3-1 .. SL3-2 .. SL3-3 .Layer 4. . .. SL4-1 .. SL4-2 .. SL4-3 ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
