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[Section 370] [Complete Act]
Central Government Act
Section 370(1B) in The Companies Act, 1956
(1B) 3 ] 4 For the purposes of sub- sections (1) and (1A)] two bodies corporate shall be deemed to be under the same management-
(i) if the managing agent, secretaries and treasurers, managing director or manager of the one body, or where such managing agent or secretaries and treasurers are a firm, any partner in the firm, or where such managing agent or secretaries and treasurers are a private company, any director of such company, is-
(a) the managing agent, secretaries and treasurers, managing director or manager of the other body; or
(b) a partner in the firm acting as managing agent or secretaries and treasurers of the other body; or
1. Ins. by Act 34 of 1966, s. 3 (w. e. f. 1- 4- 1967 ).
2. Ins. by Act 65 of 1960, S. 135.
3. Explanation numbered and lettered as sub- section (1B) by s. 135, ibid.
4. Subs. by s. 135, ibid., for" For the purposes of this sub- section".
(c) a director of the private company acting as managing agent or secretaries and treasurers of the other body; or
(ii) if a majority of the directors of the one body constitute, or at any time within the six months immediately preceding constituted, a majority of the directors of the other body; 1 or]
(iii) 1 if not less than one- third of the total voting power with respect to any matter relating to each of the two bodies corporate is exercised or controlled by the same individual or body corporate; or
(iv) if the holding company of the one body corporate is under the same management as the other body corporate within the meaning of clause (i), clause (ii) or clause (iii), or
(v) if one or more directors of the one body corporate while holding, whether by themselves or together with their relatives, the majority of shares in that body corporate also hold, whether by themselves or together with their relatives, the majority of shares in the other body corporate.]