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workmen of holding company to get dividend income of the subsidiary company for purpose of bonus

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

A company transferred all the shares of another company held by it to its newly incorporated whollyowned public limited subsidiary investment company. During the year, the subsidiary company made no other investment or had no source of income. By the transfer of the above shares, the holding company’s available surplus for payment of bonus to its workmen got reduced and consequently rate of bonus came down. Are the workmen of the holding company entitled to get the dividend income of the subsidiary company included in the holding company’s profit and loss account for the purpose of getting higher rate of bonus?

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

During the year, the subsidiary company made no other investment or had no source of income. By the transfer of the above shares, the holding company’s available surplus for payment of bonus to its workmen got reduced and consequently rate of bonus camedown. Are the workmen of the holdingcompany entitled to get the dividend income of the subsidiary company included in the holding company’s profit and loss account for the purpose of getting higher rate of bonus?

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