11 January 2009
Can anyone please clarify whether an Indian pvt company which fulfills the first 4 conditions to be considered as as an SMC and which is a subsidiary of a US listed company would be considered as SMC or Non-SMC for the purpose of applicability of AS as per Companies AS Rules 2006.(Based on 5th point in the definition of SMC).
14 January 2009
It is to be noted that the first four clause for Non SMC applies only to an Indian company. Therefore, the fifth clause applies only if the company is a holding or subsidiary of the company covered in clause 1-4 & is only an Indian company. Therefore the Pvt. Ltd company shall not be a Non SMC.
CAclubindia
