Shweta (Service) (68 Points)
10 July 2009Company A, has subsidiary abroad. In compliance with Section 212, i want to attach its financials, audit report,. directors report. Is financial and DR, AR is to be as per indian companies act.??? or only financials disclosure must be as per companies act
CS Vivek Hegde
(COMPANY SECRETARY)
(713 Points)
Replied 10 July 2009
Dear Shwetha
It must be as per indian companies act..
rgds
Vivek
B.Dhanaraj
(Lawyer)
(22 Points)
Replied 10 July 2009
| Originally posted by :Shweta | ||
| " | Company A, has subsidiary abroad. In compliance with Section 212, i want to attach its financials, audit report,. directors report. Is financial and DR, AR is to be as per indian companies act.??? or only financials disclosure must be as per companies act | " |
In response to your query, I would like to point out that , Company A being the holding Company in India and being governed by the Indian Companies Act, 1956 , it is usual that you follow, the financial and DR, AR as per indian companies act. However, if the subsidiary is incorporated in a foreignstate , which requires a subsidiary of a foreign company , then those set of laws will apply.
CS Vivek Hegde
(COMPANY SECRETARY)
(713 Points)
Replied 11 July 2009
Dear Dhanraj
What u r saying is logically correct. But section 212 (2) clearly says the financials of foreign subsidiaries should be made as per THIS act. Kindly appreciate.
rgds
CS Vivek Hegde
Ajay Mishra
(Company Secretary)
(74337 Points)
Replied 11 July 2009
Shubham
(Mangement Trainee)
(24 Points)
Replied 04 September 2009
Dear Sirs,
I am sorry to contradict you all but there is no provision under ICA, 1956 to submit the DR, AR, balance sheet or Profit & Loss a/c as per the act. Section 212(2) does not state about "FOREIGN COMPANY". the section is about "SUBSIDIARY".
A company MAY opt to make the financial statements according to ICA.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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