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RESTRICTION OF LAYERS OF A COMPANY

Corporate Laws / Banking / SEBI - By: - Mr. M. GOVINDARAJAN - Dated:- 3-10-2017 - Subsidiary company Section 2(87) of the Companies Act, 2013 ( Act for short) defines the expression subsidiary company in relation to any other company (that is to say the holding company) as a company in which the holding company- controls the composition of the Board of Directors; or exercises or controls more than one half of the total share capital either at its own or together with one or more of its subsidiar .....

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er excisable by it at its discretion can appoint or remove all or a majority of the directors; the expression company includes any body corporate; layer in relation to a holding company means it subsidiary or subsidiaries. Rules for restriction on number of layers The Central Government, vide Notification No. G.S.R. 1176(E), dated 20.09.2017 made The Companies (Restriction on number of Layers) Rules, 2017 which came into effect from 20.09.2017. Non applicability of Rules Rule 2(2) provides that .....

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usiness of insurance in accordance with provisions of the Insurance Act, 1938 and the Insurance Regulatory Development Authority Act, 1999; a Government company referred to in clause (45) of section 2 of the Act. Restriction of layers Rule 2(1) provides that 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. The provisions of this sub-rule shall not affect a company .....

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shall not, after the date of commencement of these rules, have any additional layer of subsidiaries over and above the layers existing on such date; and 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. Return Rule 2(4) provides that every company, other than a company referred to in sub-rule (2), exi .....

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of the Company Number of layers of subsidiaries as on the date of commencement of these rules Layer wise details of subsidiary companies- Sl. No; Name of subsidiary; CIN of subsidiary company; Name of the holding company; CIN of holding company; Percentage of shares held by the holding company; Declaration by the Director of the company who is authorized by the Board of Directors to sign the form with details of resolution number and date, that the information of the subsidiaries and the layers .....

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