Dear Friends,
Please tell me whether a unlisted company whose 5 subsidiaries are also unlisted company is compusorily required to prepare consolidated Financial statment alongwith its subsidiary companies in accordance with AS 21 read with Section 211(3A), (3B) & (3C) of the Companies Act, 1956.
According to my understatnding, It is not compulsory for unlisted companies. But as per my one colleague view, in ROC it is compulsory to file consolidated Balance sheet in case of holding company.
Pls clarify.
CAclubindia
