Provided further that nothing in this rule shall apply in respect of preparation of consolidated financial statement by an intermediate wholly-owned subsidiary, other than a wholly-owned subsidiary whose immediate parent is a company incorporated outside India:
Provided also that nothing contained in this rule shall, subject to any other law or regulation, apply for the financial year commencing from the 1st day of April, 2014 and ending on the 31stMarch, 2015, in case of a company which does not have a subsidiary or subsidiaries but has one or more associate companies or joint ventures or both, for the consolidation of financial statement in respect of associate companies or joint ventures or both, as the case may be. “
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Very complicate unable to understand ..
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Which law is this pertaining to?
consolidated financial statement sec 129 rule 6
1. Section 129 of the act contains provisions about consolidation of financial statements in case of a company that has a subsidiary.
2. The term subsidiary includes Associates and Joint ventures also( read the bare act)
3. The third proviso to rule 6 states that:
In case a company has an associate or JV and no subsidiary during FY 2014-15, then it shal not be required to prepare CFS as per Schedule III of the Act
Also the first para about intermediate wholly owned subsidiary has been substituted for another provision to rule 6
The revised proviso contains three conditions which need to be fulfilled for a rule 6 to not apply
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