In accordance with the Regulation 16(1)(c) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has formulated this policy for determining material subsidiary of the Company.
2. SCOPE AND EXCLUSION
This Policy sets out the criteria for determining material subsidiary / subsidiaries.
A subsidiary shall be considered as ‘material subsidiary’ if its income or net-worth exceeds ten per cent of the consolidated income or net-worth respectively, of the Company and its subsidiaries in the immediately preceding accounting year.
This Policy shall be implemented as per the provisions of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 as may be amended from time to time.
This Policy shall come into effect from December 01, 2015 and shall be placed on the website of the Company.