Inter corporate investments In excess of limits Scope of the section clarified and explained

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....d explained   Reference is made to the clarification contained in item 3 under the caption "Clarifications" of the Circular Letter No. 48(50)‑CL‑VI/61, dated 12‑2‑1962 [printed as Clarification 1]. In a recent case a company made investments in the shares of another company without obtaining the approval under section 372 even though by making that investment,....