"Shall not apply to a private company:-
(i) which is a one person company or a small company; or
(ii) which has turnover less than rupees fifty crores as per latest audited financial statement or which has aggregate borrowings from banks or financial institutions or any body corporate at any point of time during the financial year less than rupees twenty five crore.”.
With reference to Notification No. G.S.R. 583 (E) dated 13.06.2017, which granted exemptions to private companies, there is a query regarding the inclusion of specific types of borrowings.
Specifically, the question is whether secured car loans from banks and unsecured debentures from body corporates should be included in the calculation or not. Could you kindly provide clarification on whether these types of borrowings are considered for the exemption?
Hi Everyone!
If a Company has a subsidiary only till 31st March and on the same day sells its shareholding to get away from having subsidiary company. Do the company still requires to maintain consolidated financial statement for that financial year ?
Hello Professionals
What are the minimum reporting standards mandated for Social Enterprises?
Hi All,
Who all are required to prepare consolidated financial statements?
Hello,
Are the Consolidated Financial Statements required to be
attached with the Board’s report?
Dear All,
If we signed Standalone BS 0n Oct 2020 N CFS on 31.03.2021 & AGM is already held in Dec 2020 then in such case how can file AOC CFS ??
Any solution in these case?? Anyone please help
Dear all,
Standalone BS Date and CFS Balance Sheet can be different ?? Can it be after AGM?
Dear Colleauges,
How do we calculate the E.P.S in a Consolidated Balance Sheet. Do we have to take the Shareholding e.i the number of shareholders of Associate Company also as the Denominator. Supposing the Shareholding at the beginning and end of the year is same.
Relating to the other point relating to Related party transaction do we have to take the related party transaction of associate Co. also.
Kindly Enlighten on this issue.
In a case like yours, the Date of AGM will be decided at the Board Meeting to be held on, say, 30.09.2020 at 10.00 AM at which, inter alia, the Day and Date (say, Wednesday, 30.09.2020) and Time (say, 04.00 PM) of the AGM to be convened at a shorter Notice would also be decided. The Financial Statements would be circulated through E-mail immediately on their Approval to be accorded at the said Board Meeting. Circular of MCA dated 21.07.2015 warrants convening of AGM at a shorter Notice as well as the circulation of the Financial Statements at a shorter Notice.
Provisions of section 101 of the Companies Act, 2013 pertaining to convening of AGM at a shorter Notice should be complied with, including Written / Digitised Consent of 95 % of Members entitled to Vote at the AGM. For GMs other than an AGM, condition of Consent of Members is Amended vide Companies (Amendment) Act, 2017 wef 09.02.2018.
The word “shorter” is not defined under the Companies Act, 2013 which may give the benefit of doubt in favour of the Board of Directors of the concerned Company. In terms of section 101, an AGM may be convened at a Notice period of less than clear 21 Days. Section 101 1st Proviso does not stipulate any Threshold Notice period of either Minimum No. of Days or Minimum No. of Hours. So, a shorter Notice may be of even a couple of Hours, too.
In the concurrent Electronic era, communication at the lightning speed is possible which may make happen the situation envisaged vide the Trailing E-mail.
One should not plan such a situation, though can be taken care of, if it is inevitable.
The above views may sound aggressive, but that is how the Professionals help develop or re-develop the Law under the direction and guidance of the Judiciary.
The date on balance sheet and profit and loss account of 1 company, on STANDALONE and CONSOLIDATED can be different?
As per example for a private limited company, on stand alone financial statements is 03/09/2019 and on consolidated financial statement date can be 15/09/2019 or ON BOTH STANDALONE AND FINANCIAL STATEMENT DATE SHOULD BE SAME i.e. 15/09/2019.
Please help me in this regard.
Dear All,
Can any body provide Format of Auditor's Report on Consolidated Financial Statements for a Private Company, the updated one. As after going through the revised Auditing Standards applicable from the year ended 31.03.2019, the Auditor's Report on Consolidated Financial Statements for a Listed Company is available. What shall be followed for a private company?
Kindly guide.
Regards,
Minu Agarwal
Company Secretary
A Pvt Ltd is a pvt company. It has one associate company i.e. B Ltd (Listed Company).
For A Pvt Ltd Indian As is not applicable.
For B Limited Indian AS is applicable.
So what treatment is to be given to consolidated financials?