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Section 212 clarification

Muthukumar (Chartered Accountant) (78 Points)

01 November 2012

Indian Company with F.Y ending 31.03.2012 having 100% owned foreign subsidiary with F.Y ending 30.06.2011. Now diff between the two companies F.Y is more than 6 months, now wat can be done to satisy 212 procedures as per Companies act.. And what are the attachments shall I give while filing Form 23ac of Indian Company w.r.t Foreign Subsidiary???

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ACS Deepika Chowdhary (Company Secretary) (280 Points)
Replied 02 November 2012

Originally posted by : M.Muthukumar
	Indian Company with F.Y ending 31.03.2012 having 100% owned foreign subsidiary with F.Y ending 30.06.2011. Now diff between the two companies F.Y is more than 6 months, now wat can be done to satisy 212 procedures as per Companies act.. And what are the attachments shall I give while filing Form 23ac of Indian Company w.r.t Foreign Subsidiary???

You will have to prepare financial results ended 30.9.2011 as difference cannot be mor than 6 months and if it is than financial results should be prepared on the date not preceeding the date which has a gap of more than 6 months and as MCA has granted exemption u/s 212 (8) i think you need to file holding company account on stand alone and on consolidated basis as well. For form 23ac i am not sure about all attachments.Correct me if, wrong.

Hope it helps.

Regards

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