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of <h1>Companies Limited to Two Subsidiary Layers; Exceptions for Banking, Insurance, and Government Entities Under 2017 Rules</h1> The Companies (Restriction on Number of Layers) Rules, 2017, restricts companies, except specified classes, from having more than two layers of subsidiaries. Exceptions include banking, non-banking financial, insurance, and government companies. Companies with excess layers before the rule's commencement must file a return and cannot add layers beyond the existing number. If layers are reduced, they cannot exceed the maximum allowed. Violations incur fines up to ten thousand rupees, with additional daily fines for ongoing contraventions. The rule does not affect acquisitions of foreign companies with more than two subsidiary layers, per local laws.
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