ITC: Enduring Value

Policy for determination of a material subsidiary

A material subsidiary shall mean a subsidiary, the income or net worth of which exceeds ten per cent of the consolidated income or net worth, respectively, of the Company and its subsidiaries in the immediately preceding accounting year. Insofar as the requirement of appointment of an Independent Director of the Company on the Board of an unlisted material subsidiary is concerned, such threshold limit would be reckoned as twenty per cent.

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