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of <h1>Subsidiary companies maintain separate legal identities from parent companies under Companies Act, 2013, except in fraud cases.</h1> A subsidiary company, as defined by the Companies Act, 2013, is a company controlled by a holding company through board composition or voting power. Despite being part of a corporate group, subsidiaries and parent companies maintain separate legal identities. The principle of separate legal personality is fundamental, though courts may pierce the corporate veil in cases of fraud or misuse of control. This doctrine is applied cautiously to prevent injustice or concealment of liability. Common ownership or management does not automatically merge entities into a single economic unit, maintaining their distinct legal responsibilities unless exceptional circumstances justify otherwise.
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