Which of the following companies would not be a subsidiary undertaking of Red?

a) Black. Red holds 60% of voting rights of Black.

b) Blue. Red is a member of Blue and has the right to appoint directors holding a majority of voting rights at meetings of board of directors on substantially all matters.

c) White. Red has the right to exercise a dominant influence over White by virtue of control contract.

d) Green. Red has participating interest in Green but does not exercise a dominant influence.