financial year of holdling co. & subsi co.

Dear frnds,

Kindly tell me the implication of section 212 (2)(d) which says that where the financial year of subsi is shorter in duration than its holding co. then the financial year of subsi is taken to be two or more financial years duration of which is not less than the duration of its holding co. financial year.

Mine is a pvt. ltd. co., this time its financial year extends up to 15 months which ends in sept. 10 whereas duration of its subsi is 12 months ending in march 2010.

How can we take the two or more years of  subsi co. ? Hwz is that possible....???

Kindly reply.

Regards,

Shridhi Jain

Replies (3)

Interpretation is that, in case of financial year of holding company is more than that of subsidiary company, then p&l, BOD report, etc shall be of 2 years of subsidiary company. aggregate of financial year of subsidiary company shall not be less than that of holding company financial year. 

You mean to say that we have to present the reports of two year of subsidiary.

Papers of last year of subsi. is already filed with the annual filing of its holding co. in previous year. Do i need to file that again..??

Kindly elaborate your explanation...

Anybody pls ans. this query....

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