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    Is Every Company (Listed and Unlisted), Not Having Subsidiaries

    Posted By : Sachin / Published on : 16-May-2022 01:19 PM / View : 484 / Comment : 1

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    Hello,

    Is every company (listed and unlisted), not having subsidiaries
    but having associates or joint ventures, required to consolidate
    its financial statements for F.Y. 2014-15?
    Read more on : having subsidiaries unlisted listed company every

    • Hello Sachin,

       

      as per section 129(3) 

      “Where a company has one or more subsidiaries or associate companies, it shall, in addition to financial statements provided under sub-section (2), prepare a consolidated financial statement of the company and of all the subsidiaries and associate companies in the same form and manner as that of its own and in accordance with applicable accounting standards, which shall also be laid before the annual general meeting of the company along with the laying of its financial statement under sub-section (2):

      before 2.Substituted by the Companies (Amendment) Act,2017 :- Amendment Effective from 7th May 2018

      the text of section 129(3) was

      Where a company has one or more subsidiaries, it shall, in addition to financial statements provided under sub-section (2), prepare a consolidated financial statement of the company and of all the subsidiaries in the same form and manner as that of its own which shall also be laid before the annual general meeting of the company along with the laying of its financial statement under sub-section (2):

       

      in present case you intend to file financial statement for financial yr 2014-15

      ammendment has retrospective effect

       

      conclusion: therefore company is required to file CFS even if it has no subsidiaries but has associate comapnies.

       

      11-06-2022 / 05:23:46 AM
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