General Circular no. 24/2014
F. N: 01/ 13/2013 -CL-V
Subject : Clarification with regard to holding of shares in a fiduciary capacity by associate company under section 2(6) of the Companies Act, 2013.Online GST Certification Course by TaxGuru & MSME- Click here to Join
In continuation of the General circular No. 20/2013 dated 27/12/2013, it is clarified that the shares held by a company in another company in a ‘fiduciary capacity’ shall not be counted for the purpose of determining the relationship of ‘associate company’ under section 2(6) of the Companies Act, 2013.
1. This issues with approval of Competent Authority.