Inter corporate investment limits clarified: subsidiary and managed company holdings excluded from prescribed limit calculation, approval not required. Investments specified in sub section (14) are to be excluded when applying the ceilings in sub section (2) and the proviso; holdings by a holding company in its subsidiary and investments by managing agents, secretaries or treasurers in companies they manage (clauses (d) and (e)) do not count toward the prescribed investment limit.
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Provisions expressly mentioned in the judgment/order text.
Inter corporate investment limits clarified: subsidiary and managed company holdings excluded from prescribed limit calculation, approval not required.
Investments specified in sub section (14) are to be excluded when applying the ceilings in sub section (2) and the proviso; holdings by a holding company in its subsidiary and investments by managing agents, secretaries or treasurers in companies they manage (clauses (d) and (e)) do not count toward the prescribed investment limit.
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