Accounts of Foreign Company

Others 1051 views 2 replies

Bhavana

Associate

24 Points Posted on 04 September 2009

The Accounts of Liasion office of foreign company are prepared as on 31-03-2009 and the accounts of foreign company are prepared as on 31-12-2008.

Form 52 is required to be filed with ROC for filing of accounts of foreign company, which provides for date of Balance sheet (FY end date).

My query is, what date should be mentioned in the Form 52 as date of balance sheet.

Replies (2)

S Raghavan

Practising Company Secretary

39 Points Posted on 05 September 2009

Dear Bhavana,

You need to mention the date of closing of books of Liaison office in India, i.e., 31st March, 2009. Pl make sure that the parent company audited accounts as on 31st March, 2008 is enclosed as an attachment.

Rags

Guest

As per the RBI Act, Liasion office can not do business in India. The balance sheet of your liasion office is made for preparing the Income-Expense statement and not for the purpose of filling it with the ROC or anyother place.

So, In the any case of Liasion office the filling of accounts date will be the date of balance sheet of foreign company.

Note: Some provisions are not mentioned in any law but they are interpreted with general rules of the Interpretation of statute. In this case the general rule says that whethet liasion office can do business in India or not. and RBI Act says that Liasion office can not do business in India.

If you need further clarification than contact me.

Ankur Shah (Practicing Company Secretary)

“Guru Gautam” Bungalow, Inside Parshwa Tower,

Nr. Shyamal Cross Road, 132ft. Ring Road,

Satellite, Ahmedabad – 15

Contact: + 91-9427633901

E-mail: ankurjewel @ gmail.com

Blog: csankur.blogspot.com