accounts of subsidiary co

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veena vaidya (Querist)
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28 September 2010 Dear all,
Section 4 which defines holding co as one which holds stake of more than 50 % . One of our group company - A Pvt. Ltd (private ltd) holds more than 50% stake in main co. (private ltd) - B - Pvt. Ltd
In that case, Annual accounts of subsidiary company has to be incorporated in its holding co.(A Pvt. Ltd) _exception section 213- where central govt approval is accorded.

A Private Ltd does not incorporate annual accounts of B Pvt. Ltd.

My query is that is sec 212 applicable to only 100% subsidiary of public or private ltd co's .

if yes, pls quote section or case law

Jagruti (CS)

Jagruti (CS) (Expert)
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28 September 2010 Sec 212 is applicable to all Ocmpanies whether public or private , wholly owned subsidiary or otherwise....

Hence, you need to compund the default u/s 212 for non compliance by rectifying the same.