Sec 212 of companies act - very urgent

Dear Anny,

As per Section 215 of the Companies Act, 1956 balance sheet and profit and loss account are required to be approved by the Board of Directors before they are submitted to the auditors for their report thereon, Particulars  as required under Section 212 of the Act are required to be attached to the above and not annexed hence they donot form part of the balance sheet and profit and loss account in view of Section 222 of the Act.

Hope this would solve your query.

Regards,

Shloka

Dear Shloka,

I agree with what you have said. Just wanted to know if my perception is right that:

Say, the Holding Co.Approves its annual accounts in board meeting dated 27.07.11.

Then on 02.08.2011 the board of the subsidiary approves the annual accounts.

Then I can hold the AGM of the Holding co. after the AGM of the subsidiary and place the annual accounts of subsidiary in the AGM of holding.

Am I right? Can this be done? I hope there is no violation of law in this.

Dear Anny,

The Board Meeting for adoption of subsidiary companies' acounts have to be held before the Board Meeting for adopting the accounts of the holding company.

In your case.. the Board Meeting for adoption of subsidiary companies' acounts have to be held before 27.07.2011 (the date on which the holding compny's accounts are being adopted)

However, the AGMs of the subsidiary companies can be held after the AGM  of the holding company..

Regards,

Reshmi

Dear Anny,

The date of finalisation of subsi shud b b4 finalisation of accounts of holding co.

Agree with Reshmi.

Thnks

The Board Meeting of subsidiary companies'  have to be held before the Board Meeting  of the holding company.