Inter corporate investment limits require prior company and Government approval for excess holdings and specified application particulars. Prior approval of the investing company and the Central Government is required before making inter corporate investments exceeding prescribed limits; ex post facto approval is not given and unauthorized investments attract penalties. Investments that will create a subsidiary require prior Government consent. Aggregate calculations must include holdings in subsidiaries; the investing company's limits are measured by actual cost, while investee company limits use nominal share value. The board's investment power is non delegable. Historic investments and conversions from private to public are not retrospectively invalidated but count toward aggregates. Applications must name specific investees and use the prescribed form and fee.