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of <h1>New Circular Clarifies 30% Limit on Inter-Corporate Investments; Exemptions for Qualifying Investment Companies u/s 372(13.</h1> The circular addresses inter-corporate investments exceeding the 30 percent limit set by section 372, applicable to all company investments in shares, regardless of the holding period. Investment companies are exempt from this limit under sub-section (13) of section 372. Determining whether a share trading company qualifies as an investment company depends on its actual business activities. If a company's business primarily involves shares, securities, stocks, and debentures, it may be considered an investment company and benefit from the exemption. However, this interpretation by the Department is not legally binding.
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