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exemption u/s 212

pooja (1) (139 Points)

15 April 2011  


My querry is :-


The Holding Company has five foreign subsidiaries. The holdings as well as the
subsidiaries are private companies. Kindly address the following queries:

1. The format of the balance sheet is in format other than mentioned in the
Companies Act and in foreign language. Is that allowed?
2. The Accounts of one of the subsidiary is not ready till the AGM of the Holding
company. Is the holding private company required to take exemption u/s 212 for
not attaching subsidiary accounts? What is the other remedy available with the
private holding company?
3. Whether holding private company is required to make consolidated accounts?




 1 Replies

CA Sandeep Kumar (Audit Assistant) (804 Points)
Replied 15 April 2011

Hi, answers are as follows:

1. No. No other format can be adopted. Schedule VI is a must. 

2. You can apply in form 23AAB, but I am not sure whether this form can be used for situation mention by you. 

3. Consolidation is not compulsory, but if you want to consolidate, compliance of AS 21- is compulsory. 


(Do wait for other members reply)

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