Clubbing of holding of different persons or Directors not permitted to determine substantial interest settlement application u/s 245C

Brief of the Case Delhi High Court held In the case of Rockland Hotels Ltd. vs. IT Settlement Commission that as per clauses (a)(v) and (a)(vi) of section 245C , only if a director of the petitioner companies has a substantial interest in the specified person (company), then, the petitioner companies, their directors and relatives of their directors qualify as related parties. The Petitioner companies would not qualify as a related party merely because any relative of one of its directors has a substantial interest in the specified person. Further, the petitioner companies would qualify as a r...