Puja MOHAN (company secretary) 20 April 2012
One Indian Listed Company having only one unlisted subsidiaty company. Unlisted Subsidiary company is opearting under severe long term restrictions which significantly impair its ability ito transfer its funds to the parent company.
My query is that - whether the listed company can take exemption under clause 11(b) of AS -21 to consolidate the financial accounts of its unlisted subsidiary company considering the Clause 32 of Listing Agreement provides that "Companies shall be mandatory required to publish Consolidated Financial Statements in the annual report in addition to the individual financial statements."
Hope you will appreciate my concern and will revert on earliest basis.