We are Unlisted Public Ltd Co, having a wholly owned subsidiary in Mauritius. That subsidiary has 2 subsidiaries and one wholly owned subsidiary in Mauritius. All these step down subsidiaries are making losses. However, our WOS based in Mauritius are not consolidating those loss making subsidiaries as per IFRS 10-CFS. Thus our Indian parent's books of accounts do not capture those step down subsidiaries except the main subsidiary. Is it violatibe?
2 Replies
Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(5616 Points)
Replied 18 September 2024
Jayanta Bandyopadhyay
(328 Points)
Replied 18 September 2024
Thanks.Sir.
Yes. Our WOS in Mauritius has full control over all step down subsidiaries. All SDS are loss making. They have eaten up about 30% NW of WOS. Since parent company remits all funds to WOS, ultimately it has ramification down the line.
Surprisingly, all directos are common- Directors of Parent Company of India are on also on the boards of all subsidiaries.
While foreign auditor gives a casual note in report, my reading is that Indian audit firms are not much alive. NFRA is yet to control ICAI.
Considering certain issues, seeking your guidance on this.
Regards,
Recent Topics
- ITR filing for non resident in one FY
- 2 buyer form 26qb
- CFS INCLUDING MAURITIUS SDS
- Tds on rent paid to two persons
- GST R-9 Turnover
- ITC wrongly Taken in GST 3B
- Tax liability in the case of Joint Ownership of Pr
- RCM-Director
- Levy of GST on the invoice that crosses Rs.20 lakh
- Clarification for ITR AY 2024-25
Related Threads
Trending Online Classes
-
6 days Certification Course on GST Practical Return Filing Process
CA Pratibha Goyal16 December 2024
CAclubindia
