Fiduciary shareholding excluded from associate-company determination under section 2(6), clarifying it shall not be counted. Shares held by a company in another company in a fiduciary capacity shall not be counted for the purpose of determining the relationship of 'associate company' under section 2(6) of the Companies Act, 2013; the circular continues earlier guidance and provides regulatory clarification isolating fiduciary or custodial holdings from ownership/control tests.