A company shall be deemed to be a subsidiary of another

A company shall be deemed to be a subsidiary of another Disclaimer: This work has been submitted by a student. This is not an example of the work produced by our Law Essay Writing Service . You can view samples of our professional work here . A company shall be deemed to be a subsidiary of another According to section 4 of the Companies Act, a company shall be deemed to be a subsidiary of another, if and only if: (a) that other controls the compositions of its Board of directors; or (b) that other holds more than half in nominal value of its equity share capital(where a company had preference share holders, before commencement of the Companies Act,1956, enjoying voting rights with that of equity shareholder, for the purpose of control, holding company should enjoy more than half of the total voting power)   [ 1 ]   ; or (c) the first-mentioned company is a subsidiary of any company which is that other’s subsidiary. For example, where company B is a subsidiary of company A and company C is a subsidiary of company B then company C shall be the subsidiary of company A. if company D is a subsidiary of company C, then company D shall also be a subsidiary of company B and consequently also of company A.   [ 2 ]    In the case of M.Velayudhan v. Registrar of Companies   [ 3 ]   the position regarding holding-subsidiary relationship was extensively laid down : â€Å"Sec. 4 envisages the existence of subsidiary companies in different situations. It may be that by acquiring sufficient share capital of a company, sufficient control may be obtained over the company to enable control in the composition of BOD. But, it is also possible to obtain such control in regard to the composition of the BOD without making such an in equity capital of the company. Such control may be by reason of an agreement such as where one company may agree to advance funds to another company and in return may, under the term of an agreement, gain control over the right to appoint all or a majority of BOD. The first of the cases envisaged in section 4 is the case where a control is obtained by a company in the matter of composition of the BOD of another company. That would be sufficient to constitute the former as holding company and the other as subsidiary. The second type of cases is where more than half of the nominal value of the equity share capital is held by another company. By virtue of such holding that other company becomes a holding company and the one whose share are so held becomes a subsidiary company. The third case envisaged is where The Use Of Subsidiary Corporations The control of subsidiaries may be accomplished through the creation of a separate corporation to handle a distinct phase of the company’s business, or through the purchase of interests in companies previously existing, the main corporation being in this case the holding company. The use of subsidiary corporations is becoming more and more extensive. A certain manufacturing corporation, for instance, has one operating company, one selling company, one purchasing company, one company owning a short railroad, one real estate company to buy land and erect buildings, and another company to operate these build ings. The United Cigar Stores Company also has a distinct corporation for the handling of its real estate operations.

Profiles in Courage Essay Example | Topics and Well Written Essays - 500 words

Profiles in Courage - Essay Example Of the eight senators referred to in this book, the history of George W Norris and Robert A Taft is especially amazing. George W Norris George W Norris was a senator from the state of Nebraska. He served five terms in the United States Senate, spanning across the period 1913-1943 (Kennedy 171). Though being from a family of not much educated farmers of Scottish ancestry, he turned out to be a bright student who secured a degree in law from Valparaiso University (Kennedy 173). Senator George W Norris was especially known to be a man of vision and a fearless and honest speaker, emphatically dedicated to the cause of the common people (Kennedy 172). Though Senator Norris was not always successful in his endeavors, yet he seldom hesitated from responding to the call of his conscience, sans personal interests and party affiliations. Senator Norris was also known for committing himself to political causes that though just and in national interest, sometimes contradicted with the stakes of his constituency. Senator Norris held a filibuster against Woodrow Wilson’s intentions to use the American merchant ships for military purposes, an act that enervated his supporters in Nebraska (Kennedy 182). In the year 1928, Senator George W Norris happened to be the only prominent politician from Nebraska, who supported the presidential campaign of a highly unpopular Democrat Al Smith, solely out a sense of unwavering personal conviction (Kennedy 178).

Criticize the article Francis Fukuyama "The end of History" Essay

Criticize the article Francis Fukuyama "The end of History" - Essay Example Prior to the release of his article, Francis Fukuyama was an unknown state department official but after the posting of his journal titled â€Å"The End of History?† he was regularly mentioned and attracted various responses. His interpretations were heavily borrowed and adapted from G.M.F. Hegel, a German philosopher. Hegel was of the idea that history had reached its end in the year 1806 after Napoleon defeated the Prussian Monarchy. It is along these lines that Fukuyama identifies the main hurdles to liberal democracy, and they are Fascism and communism. Fukuyama states that these two ideologies have ended with fascism facing its end after the defeat of Italy, Germany and Japan in the Second World War. On the other hand, communism met its end after the recent economic and political concessions in China and the Soviet Union (Herwitz, 2005). After all the ideologies, Fukuyama affirms that Western liberal democracy is the outright winner. The only remaining adversaries are religious fundamentalism and some aspects of nationalism. Fukuyama stated that history was full of struggles meant to realize the freedom idea that is etched on our consciousness. His thoughts must have been heavily influenced by the end of the Cold War, and this led him to assert that it marked the end of history. The end of the Cold War was an apparent triumph of capitalist and liberal ideologies of western nations. The events of the Cold War had shown a clear win by the United States and her allies. He used this to conclude that it was the universalization of Western liberal ideologies and also marked the end of humankind’s ideological evolution (Herwitz, 2005). By the time when this article appeared in the National Interest, people could not disagree with Fukuyama. The Soviet Union was about to disintegrate, and so was the Berlin Wall. Everything that was happening at that time suggested that it was only liberal capitalist democracies that