MN Limited is engaged in the business of manufacturing and assembling of high end cars. MN Limited holds 51% of Equity Capital in OP Limited. OP Limited holds 26% of Equity Capital in QR Private Limited and 52% of Redeem

As per the recommendation of Cross Border Insolvency Rules/Regulations Committee (CBIRC) "Group" means two or more corporate debtors that are interconnected by control or significant ownership. "Control" includes the right to appoint majority of the directors or other key managerial personnel entitled to manage the affairs of the body corporate or to control the management or policy decisions exercisable by a person or persons acting individually or in concert, directly or indirectly, including by virtue of their shareholding, management rights, ownership interest, shareholders agreements, voting agreements, articles of association, limited liability partnership agreements or in any other manner. "Significant Ownership" includes the right to exercise twenty-six per cent or more voting rights; In the given case, there are 2 groups. Group - 1 consists of: MN Limited, OP Limited and QR Limited all are directly connected through significant ownership Group - 2 consists of: EF Mauritius Ltd., QS Auto LLP and RS Limited all are directly connected through significant ownership, but there is no connection between both the groups through significant ownership or control to the extent on available information.