Apllicability of new companies act 2013 on bank & its subsy

This query is : Resolved

CA Shikha Tripathi (Querist)
Follow

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)
Follow

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

Message likes : 1 times

CA Shikha Tripathi

CA Shikha Tripathi (Querist)
Follow

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??

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

27 February 2014 i dont think there is any change on that.

CA Shikha Tripathi

CA Shikha Tripathi (Querist)
Follow

27 February 2014 Thanks a lot Nikhil.. :)

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

27 February 2014 you are welcome a lot Shikha..

CA Shikha Tripathi

CA Shikha Tripathi (Querist)
Follow

26 July 2014 Okays Mr. Kaushik.. :)