Consolidation of financial statements for f.y 2014-15

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

04 August 2015 There is one private comany ABC Pvt. Ltd.having
a) wholly owned foreign subsidiary co,
b) wholly owned Indian Subsidiary co.
c) Two more Indian subsidiary companies but not wholly owned?

Is consolidation of Financial Statements of subsidiaries of ABC Pvt. Ltd. is required for F.Y. 2014-15?
Please reply

CS Divesh Goyal

CS Divesh Goyal (Expert)
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07 August 2015 Yes Consolidation is required in above mention situations.

Querist : Anonymous

Querist : Anonymous (Querist)

07 August 2015 Sir Can u please refer notification issued by MCA on 16.01.2015 . it states that :

(ii) in rule 6, after the third proviso, the following proviso shall be inserted, namely :—
“Provided also that nothing in this rule shall apply in respect of consolidation of financial
statement by a company having subsidiary or subsidiaries incorporated outside India only for
the financial year commencing on or after 1st April, 2014.

So there is confusion whether it Exempts only company having subsidiary or subsidiaries incorporated outside India
or
those company having Indian Subsidiary alongwith having subsidiary or subsidiaries incorporated outside India ?