Company X ,a public limited co. is holding 20% share capital in addition to Shares application money of Co. y ltd, a Pvt Ltd co. as on 31st March 2009. Many directors of these two companies are common. Can Co. Y will be treated as subsidiary co. of Co. X.
The above Co. X entered into a contract with Co.Y for rendering of services on 11th Dec2008. However Co X already rendered services to Co Y (i.e from Aug. 2008) on the basis of Letter of Award . As Co. X did not obtain the prior approval from CG , before entering into a contract they went for Compounding . The ROC is unaware about the transactions done before the date of contract, is it necessary for auditor to mention above fact in his audit report.
SMJ global advisors pvt ltd
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CAclubindia
