Company A, has subsidiary abroad. In compliance with Section 212, i want to attach its financials, audit report,. directors report. Is financial and DR, AR is to be as per indian companies act.??? or only financials disclosure must be as per companies act
Dear Shwetha
It must be as per indian companies act..
rgds
Vivek
| Originally posted by :Shweta | ||
| " | Company A, has subsidiary abroad. In compliance with Section 212, i want to attach its financials, audit report,. directors report. Is financial and DR, AR is to be as per indian companies act.??? or only financials disclosure must be as per companies act | " |
In response to your query, I would like to point out that , Company A being the holding Company in India and being governed by the Indian Companies Act, 1956 , it is usual that you follow, the financial and DR, AR as per indian companies act. However, if the subsidiary is incorporated in a foreignstate , which requires a subsidiary of a foreign company , then those set of laws will apply.
Dear Dhanraj
What u r saying is logically correct. But section 212 (2) clearly says the financials of foreign subsidiaries should be made as per THIS act. Kindly appreciate.
rgds
CS Vivek Hegde
Dear Sirs,
I am sorry to contradict you all but there is no provision under ICA, 1956 to submit the DR, AR, balance sheet or Profit & Loss a/c as per the act. Section 212(2) does not state about "FOREIGN COMPANY". the section is about "SUBSIDIARY".
A company MAY opt to make the financial statements according to ICA.
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
View Details
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
View Details
CAclubindia
