Inter-corporate loans - Under same management - Whether clause (iii) of sub section (1B) applies to Government companies

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Full Text of the Document

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.... (iii) of sub‑section (1B) applies to Government companies A question has been raised whether Government companies will be deemed as falling under the same management within the meaning of sub‑section (1B)(iii) of section 370 as the President of India or the Governor of a State, as the case may be, holds the majority of shares and exercises or controls the voting rights. The matt....