https://www.taxtmi.com/article/detailed?id=7645 The Companies (Restriction on number of Layers) Rules, 2017 restrict non exempt companies to no more than two layers of subsidiaries, excluding one layer of wholly owned subsidiaries for computation. Exemptions include banking companies, specified NBFCs, insurance companies, and Government companies. Existing companies above the limit must not add layers and must file Form CRL-1 within 150 days disclosing layer-wise subsidiary details and a director's declaration. The rules do not derogate from the proviso to section 186(1) and prescribe fines for contraventions, including daily penalties for continuing defaults. en-us Tue, 03 Oct 2017 06:29:07 +0530 Tue, 03 Oct 2017 06:29:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=7645 The Companies (Restriction on number of Layers) Rules, 2017 restrict non exempt companies to no more than two layers of subsidiaries, excluding one layer of wholly owned subsidiaries for computation. Exemptions include banking companies, specified NBFCs, insurance companies, and Government companies. Existing companies above the limit must not add layers and must file Form CRL-1 within 150 days disclosing layer-wise subsidiary details and a director's declaration. The rules do not derogate from the proviso to section 186(1) and prescribe fines for contraventions, including daily penalties for continuing defaults. Articles Corporate Laws / IBC / SEBI Tue, 03 Oct 2017 06:29:07 +0530 https://www.taxtmi.com/article/detailed?id=7645