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section 212 of companies act 1956

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(Querist)
08 June 2009 If a parent company in India having a overseas subsidiary. Do we need to conduct an audit of that subsidiary if not done? even if that company's country do not requre an audit of accounts.
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CS Vivek Hegde

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CS Vivek Hegde (Expert)
08 June 2009 Dear Santosh

Section 212 is applicable to subsidiaries abroad. So you hav no other way but to conduct audit of that subsidiary..There is a neverending debate on non practicability of this requirement..But as on date this is the law..

rgds

Vivek
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Ankur Garg

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Ankur Garg (Expert)
08 June 2009 Absolutely in agreement with Mr. Vivek.
Audit of foreign subsi of indian parent company is necessary.


Regards
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Manmohan ACA, CS

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Manmohan ACA, CS (Expert)
08 June 2009 Yes, audit of foreign subsidiary is necessary from a CA (within the meaning of chartered Accountant Act, 1949) or from a person eligibile to conduct audit as per law of the foreign country.
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