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when to prepare consolidated financial statement

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28 December 2009 we A limited company falling under criteria of "level 1" enterprise of accounting standard. we have three subsidiary. our company is not a listed company. whether it will compalsory to prepare audited Consolidated Financial Statement? under which law?
Further we have also a foreign subsidiary as on 31st dec 2009. But we will divest our investment before 31st March 2010. What would be implication in our accounts for that foreign subsidiery for the FY 2009-2010?
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
28 December 2009 Preparation of consolidated finanacial statements not compulsory to you. However if required you may do so or if the same is needed to the publish you may prepare it. Only Statement of the Company’s interest in subsidiary company as required by section 212(1)(e) of the Companies Act, 1956 need to be disclosed.
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