Consolidated financial statement

As per Section 129(3), when a company has one or more subsidiaries, such company shall also prepare consolidated financial statements.

However, MCA had recently issued a notification dated 27.07.2016 amending the rules, where if specified coditions are fulfiled, then such company does not require to prepare consolidated financial statements. Kindly refer such notification

https://www.mca.gov.in/Ministry/pdf/CompaniesAccountsAmendmentRules_28072016.pdf