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Proviso to clause 87 of Section 2 of companies act says the following:-
Provided that such class or classes of holding companies as may be prescribed shall not have layers of subsidiaries beyond such numbers as may be prescribed.
Now as per The Companies (Restriction on Number of Layers) Rules, 2017
Restriction on number of layers for certain classes of holding companies it carves out an exception which is as follows:
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
Now my query is can we float/incorporate a company outside India and that company can have more than 2 layers of subsidiary as per laws of that country.
since the rules specifically uses the word "Acquire" so can we incorporate a subsidiary company outside India also and can have more than 2 layers of subsidiary as per laws of that country is that allowed or not.
issue company subsidiary Can someone tell me that As per Section 185, within how much time a borrowing Company needs to invest the money in principal business activity after obtaining loan as per Section 185(2). And in between, that is between the time after taking loan and before investing in principal business activity, that whether the same can be deposited in FD and if any interest is accrued on it, then whether directors can claim such intrest through dividend.
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