Step down subsidiary abroad

IFRS 73 views 2 replies

We, unlisted Public ltd co is having wholly owned subsidiary in Mauritis,  who in turn had 2 WOS in Dubai, now being closed and opening 2 new WOS at Mauritius and assets/ liabilities be transferred.  All cos are owned by one Indian family.

Step down subsidiaries in Mauritis will issue shares to new cos, being built up with Dubai shut down cos. 

 

Our owned wos in Mauritius remain as it is.

We submit only APR.

 

Do we require to file FLR, FC-GPR,FCTRS?

 

PLEASE GUIDE.

Replies (2)

Grateful, Sir.

There is no foreign collaboration but our wholly owned subsidiary in Mauritius is having these 2 WOSs.

Surprisingly, IFRS -consolidation of step down subsidiary companies accounts is missing with our own Mauritius WOS- so does parent company in India. Since these step down subsidiaries are in red over the years, ultimately, capital erosion will hit all in the backward value chain system- possibly triggering RBI, as parent had remitted amount 

 


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