31 October 2016
Does a private company with a 100% foreign subsidiary company need to file a consolidated financial statement with ROC? Please provide me the relevant section and rules.
02 November 2016
A private limited company having subsidiary out of India is required to prepare consolidated financial statement as per S.129 of Companies Act, 2013. The proviso for not preparation of consolidated financial statement is provided in Companies (Accounts) Rules, 2014 for other than a wholly owned subsidiary whose immediate parent is a company incorporated outside India. Preparation of consolidated financial statement is required to be prepared in your case.
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