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Answer Posted / h.r. sreepada bhagi
A Company/Corporation can control the interest & voting
rights in another Company/Corporation through shareholding,
composition of Board of Directors, etc. Specific
legal/statutory provisions may differ from country to
country. The Company/Corporation which has a controlling
interest in the other is called a Holding Company & the
other (Controlled) is called a Subsidiary Company.
In India a Holding Company & Subsidiary Company are defined
by the Companies Act, 1956 and as per the provisions of the
said Act, a Company be deemed to be a subsidiary of another
if, but only if,-
(a) that other controls the composition of its Board of
directors; or
(b) that other -
(i) where the first-mentioned company is an existing company
in respect of which the holders of preference shares issued
before the commencement of this Act have the same voting
rights in all respects as the holders of equity shares,
exercises or controls more than half of the total voting
power of such company;
(ii) where the first-mentioned company is any other Company,
holds more than half in nominal value of its equity share
capital; or
(c) the first-mentioned company is a subsidiary of any
company which is that other's subsidiary.
A Holding company is required to prepare and present
Consolidated Financial Statements of itself and its
subsidiaries. This consolidated Accounts/Financial
Statements is called holding company accounts.
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