Which of the following statements are true in context of a company under Company Act, 2013? 1. A company can become a member of another company 2. Member’s voluntary winding up takes place when the company is insolvent 3. Only board of director can convene Extraordinary General Meeting

The correct answer is: C. 1 and 3

• A company can become a member of another company. This is known as a subsidiary company. A subsidiary company is a company that is controlled by another company, known as the parent company. The parent company can control the subsidiary company by owning more than 50% of its shares.
• Member’s voluntary winding up takes place when the company is solvent. This means that the company has enough assets to pay off its debts. In a member’s voluntary winding up, the directors of the company decide to wind up the company. They appoint a liquidator to sell the company’s assets and pay off its debts.
• Only
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