meenu (cs) (416 Points)
21 July 2009Hi All,
Kindly clarify.
If the balance sheet of the subsidiary company is not finalised co'z of high court order of merger of two sub- subsidiaries of that company, then what compliance should the parent company(holding) follow? how to attach the balance sheet of the subsidiary in holding company's balance sheet?
Is there any plea that the holding company would take to avoid to not to attach the b/s of subsidiary.?
Experts views are welcome.
Best Regards,
Meenu
ashish
(Practising Company Secretary)
(32 Points)
Replied 22 July 2009
Obtain approval from the CG under section 212 (8) for exemption from attaching annual accounts of the subsidiary.
meenu
(cs)
(416 Points)
Replied 22 July 2009
Thnxs for ur reply Ashish.
But would it be possible to attach only stand alone results only and mentioned in the directors report that Directors report of subsidiary is not attached due to the reason specified.
CG approval would take long time.
Kindly soliciate your views.
Regards,
Meenu
Malav Shah
(Company Secretary and AVP Legal)
(171 Points)
Replied 22 July 2009
Dear Meenu
Under section 212 you have to attach the B/s of the Subsidiary unless exemption given by the Central Government. Further you need to check whether as per the Accounting Standards, you need to give a consolidated accounts. You should take advise of an expert in this matter.
Regards
Malav Shah
meenu
(cs)
(416 Points)
Replied 22 July 2009
Kindly do let me know the accounting Standard No?
Further the Company is our indirect subsidiary.
Pls. clarify.
Best regards,
Meenu
ashish
(Practising Company Secretary)
(32 Points)
Replied 23 July 2009
If AGM not held, you need not attach director's report. But you have to give stand alone B/S as well as consolidated B/s along with the statement u/s 212.
meenu
(cs)
(416 Points)
Replied 23 July 2009
Dear Ashish,
Kindly do let me know the procedure for filling the form 23AAB with Cg.
generally. how much time it takes?
Best Regards,
Meenu
ashish
(Practising Company Secretary)
(32 Points)
Replied 23 July 2009
file application along with board resolution, previous year's balance sheet, reasons for application, details of subsidiary. As far as time for processing is concerned, it all depends on the out of pocket expenses.
meenu
(cs)
(416 Points)
Replied 23 July 2009
Dear Ashish,
Kindly clarify wh kind of BR, details of subsidiary.Secondly, only to file form 23AAB is sufficient co'z that is to file with RO . But how to apply CG for the same.Any hard copy is also to be filed?
Kindly reply urgently.
Best Regards,
Meenu
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