8. ABC Ltd owns 40% of the shares of XYZ Ltd, and holds the only substantial block of shares in that entity; no other party owns more than 3% of the shares. The annual general meeting of XYZ Ltd is to be held in one month's time. Consider the following situation: "ABC Ltd will be able to elect a majority of XYZ Ltd.'s board of directors as a result of exercising its votes as the largest holder of shares. As only 75% of shareholders voted in the previous year's annual meeting, ABC Ltd may have the majority of the votes that are cast at the meeting. Required: Discuss the possibility for XYZ Ltd being classified as a subsidiary of ABC Ltd. Justify your answer with proper explanation