Applicability of section 173 of cos act 1956 on pvt co
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 February 2014
Whether Section 173 (1) of the Cos Act 1956 relating to furnishing of Exp Statement is applicable on Pvt Cos or Pvt Cos are exempt from furnishing Exp Statement if Articles contains a contrary provision?
Arvind Ray
(Expert)
18 February 2014
S. 173 (1) applies to private companies. However, if AOA provides that no exp. statement is required, AOA will have to be followed. Ref: Section 170 of the Act. But the position may be different if private comapny is subsidiary of a public company.
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