Section-212

First of all i want to say section 212 does not require consolidations it just require some information (in the form of statement) of all the subsidiaries and the Audited statement of Accounts, the Reports of the Board of Directors and Auditors of the subsidiary companies are annexed.

1.Section 212 of companies Act is applicable to all companies. (private/public, listed/unlisted)
2. In the case of listed companies therefore consolidation (therefore As-21) as well as section 212 has to be complied with. 

In the case of foreign subsidiary, it would be required to prepares its financial statements in accordance with the law of the country in which it is registered. The Auditor's Report and the Directors Report would also be made out in accordance with the requirements of the applicable law of the concerned country. In these circumstances, in order to comply with the requirements of provisions of sub-sections 2(a) and 2(b) of section 212 of the Act, the foreign subsidiaries will be required to prepare their accounts in accordance with the provisions of the Act. This would mean that foreign subsidiary would be required to prepare two sets of accounts one as per the law applicable to the concerned country and two as per the provisions of the Act.

Fully agree with Nikita.

Agee with Ms. Nikita

Also wish mention that please also refer General Circular No: 2 /2011 dated Feb 08, 2011 as issued by MCA. The same is available on MCA web portal.

Regards

CS Ashwini Kumar

I agreed

Thanks to all