associate company

in relation to another company, means a company in which that o ther company has a significant influence, but which is not a subsidiary company of the company having such influence and includes a joint venture company. 1[Explanation.—For the purpose of this clause,— (a) the expression “significant influence” means control of at least twenty per cent. of total voting power, or control of or participation in business decisions under an agreement; (b) the expression “joint venture” means a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement;]