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Section 19:- Subsidiary company not to hold shares in it's holding company

✓ A subsidiary company either by itself, or through it's nominees shall not hold any shares in it's holding company, and no holding company shall allot or transfer it's shares to any of it's subsidiary companies, and any such transfer or allotment shall be void.

✓ Proviso/ Exception cases ( where subsidiary company may hold shares of it's holding company) • where a subsidiary company holds such shares as a legal representative of a deceases member of holding Company.

• where subsidiary company holds such shares as a trustee

• where subsidiary company is a shareholders even before it becomes a subsidiary company of the holding company

✓ Provided that Subsidiary company referred in the above proviso shall have a right to vote at a meeting of a holding company only in respect of shares held by it as a legal representative or as a trustee.

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By:- CS Saheb Dumbwani

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