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of <h1>Advance Ruling Authority: Wholly Owned Subsidiary Requires 99% Shareholding by Parent Company, No Legal Definition in Companies Act.</h1> The term 'Wholly Owned Subsidiary Company' lacks a formal definition in the Companies Act, 1956, or any statute related to Advance Ruling for Service Tax, Central Excise, Customs, and Income Tax. The Companies Act prohibits a person from holding 100% of a company's shares. The Advance Ruling Authority in New Delhi, in a case involving a company, determined that a wholly owned subsidiary must have at least 99% of its shares held by the holding company.
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