Which of the following statements is correct in respect of the relationship between the three companies below.

A owns 80 per cent of the ordinary share capital of B, who in turn owns 60 per cent of the share capital of C.

a. Band Care both subsidiaries of A.

b. Neither B nor C are subsidiaries of A

c. B is a subsidiary, but C is not because the effective relationship between A and C is 48 per cent.