A Ltd. and B Ltd. set up C Ltd. to build and operate a toll road. A Ltd. constructs (2 years) and earns cost + fixed margin. B Ltd. operates (sets tolls, manages, earns residual cash). Under Ind AS 110, who has CONTROL over C Ltd. from inception?

Para B12 — when different investors have rights to direct different activities at different times, control belongs to the party that directs the activities that most significantly affect RETURNS. A's construction work earns a fixed margin (limited exposure to return variability); B's toll-setting + residual cash flow drives the return. B controls C Ltd. from inception, even though A has decision-making rights during construction. This is the "variable returns" + "power link" test combined.