Company B is a subsidiary of Company A, and Company “C” is a subsidiary of Company “B”. Company C is a subsidiary of company A, by virtue of Clause (c) above. If Company D is a subsidiary of Company C, Company D will be a subsidiary of Company B and consequently also of Company A, by virtual of Clause (c) above, and so on.
(d) In case of a body corporate which is incorporated outside India, a subsidiary or holding company of the body corporate under the law of such country shall be deemed to be a subsidiary or holding company within the meaning and for the purpose of this Act whether the requirements of the section are fulfilled or not.