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AOA

Kindly help me in the following matter

'A' and his/her spouse 'B' holds 70% (30+40) in a listed company 'ABC' and none holds office of Director/CEO in ABC.

ABC holds 49% shares in a Private Limited Company 'XYZ'.

A and B holds 27% shares in XYS.

What is relation between ABC and XYZ (i.e. subsidiary or associate)

Regrads

Amir