Apllicability of new companies act 2013 on bank & its subsy

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CA Shikha Tripathi (Querist)
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26 February 2014 Dear All,

Please tell the provisions applicability on Banks and its 100% subsidiary as per Companies Act, 2013.. And also disclosure requirements..

Thanks.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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26 February 2014 yes it applies...however, wherever the companies act is inconsistent with Banking Regulation Act, 1949, BRA, 1949 shall prevail.

with regards to disclosures etc, Companies act 2013 is yet to fully notified and none of the rules have been finalized...so very little of the new act shall apply.

For eg Directors' Report certain disclosures have been mandated http://taxindia.pz10.com/2013/10/directors-report-under-companies-act.html

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CA Shikha Tripathi

CA Shikha Tripathi (Querist)
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27 February 2014 Dear Nikhil,

Firstly, Thanks for the reply..

Secondly,Is there any new updation with regard to Related party disclosures. If suppose Bank has 100% subsidiary, thn in such case is there any additional disclosures is required in subsidiary's books of accounts??