A subsidiary undertaking need not be included in group accounts where:
(a) severe long-term restrictions substantially hinder the parent undertaking in the exercise of its right over the assets or management of that subsidiary undertaking, or
(b) the information necessary for the preparation of group accounts in accordance with these Regulations cannot be obtained without disproportionate expense or undue delay, or
(c) the shares of the subsidiary undertaking are held by the parent undertaking exclusively with a view to their subsequent resale.