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Author Topic: holding company and subsidiary company  (Read 485 times)

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Offline scm

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holding company and subsidiary company
« on: January 07, 2018, 06:47:46 AM »
Sir,
I need considered advice on the following matter please.

A pvt ltd company "X" was allotted a piece of land by a developing authority of a city with the condition that the land cant be sold further to anyone but residential / commercial units constructed on it can be sold. A limited company "Y" purchased 70 to 100% shares of company "X". Some shares purchased were in the name of company "Y" and some in the name of share holders of company"Y". In the situation, i hope "Y" is a holding company and "X" a subsidiary company. In case company "Y" sells the units and collects money from public and then construct units and deliver, will it be correct in the eyes of law ? Company "X" is also ready to do a development agreement with company "Y" giving the later selling and development rights. kindly advice.
tks & regs

Offline advjaibansal

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Re: holding company and subsidiary company
« Reply #1 on: January 07, 2018, 10:29:43 PM »
Dear Sir,

As per the allotment terms and conditions the land cannot be sold, however the residential and commercial units can be sold. I hope the x has not sold the land to y company. If that is not the case then the residential and commercial units can be sold as per the mutual agreement between x and y company.

Regards,
jai bansal
Advocate, New Delhi
Supreme Court of India
bansal.jai@gmail.com
mobile: 09868566649

Offline scm

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Re: holding company and subsidiary company
« Reply #2 on: January 08, 2018, 06:39:50 AM »
Thank you so much Sir for your time Sir.
It is correct that X company has not sold land to Y company. But Y company has purchased shares (70 to  100%) of X company. So in a way Y company has purchased X company and has become owner of X company. Now can the Y company construct and sell the units as per their wishes or still they have to do some mutual agreement and need to go as per that agreement.
By the way how much percentage of shares Y must have to proceed independently.
kindly advice.
Tks & regards,
Sami

Offline kalaskarkk

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Re: holding company and subsidiary company
« Reply #3 on: January 18, 2018, 09:41:50 AM »
Dear Sir,

If a Company is a Subsidiary of another Company. Following are the implication:-

Please visit the link


https://taxguru.in/company-law/holding-subsidiary-company-provisionsimplication-companies-act-2013.html
Regards:

Kishan Dutt Kalaskar
Retd Judge and Advocate
No.74, 1st Floor, “Disley”  House,
Malleswaram, Bengaluru-560003.
Mob: 9686971935, 080-23461189
kalaskarnetra@gmail.com
Call me for clarification

Offline donpotterla

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Re: holding company and subsidiary company
« Reply #4 on: February 27, 2018, 12:02:12 AM »
The residential and commercial units can be sold as per the mutual agreement between x and y company.

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Re: holding company and subsidiary company
« Reply #4 on: February 27, 2018, 12:02:12 AM »

 

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