Section 212

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ARUN KUMAR MAITRA (Querist)

30 October 2013 An Indian Company formed a WOS in Singapore in May 2013.Its first Financial Year will fall on 31st March,2014.
In the above situation,is it necessary to attach in the Directors Report of the Holding Company for the year ended 31st March,2013,its interest in the said Subsidiary Company U/s 212.
Can the auditor in such case mentioned in its Report that the Holding Company has complied with the provisions of section 212 regarding preparation of consolidated financial statement

Ajay Mishra

Ajay Mishra (Expert)

31 October 2013 Dear Sir

You give the details of shareholding and mark a line on sheet made under section 212 that The Company has only subscribed to the shares in wholly owned subsidiary i.e..... and there is nil transaction in this subsidiary.

Ajay Mishra

Ajay Mishra (Expert)

31 October 2013 In Notes to account, you can mentioned:

The subsidiaries are immaterial to
the group by virtue of insignifi cant investment as a whole and nil turnovers hence not included in the Consolidated Financial Statements as per the Accounting Standard-21. The investment in the subsidiary has been accounted for in accordance with Accounting Standard -13.

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