Hi Shilpa
your above query has been responded in the below mentioned points
MCA directed that provisions of Section 212 of the Act shall not apply in relation to subsidiaries of those holding companies which fulfill the conditions which include the
following:
1. Board of Directors of the holding company has given consent by a resolution for not attaching the balance
sheet of the subsidiary with the balance sheet of the holding company.
2 1) as on date no intimation about resolution to be filed with ROC is given so to be on the safer side we can register the resolution with ROC. 2) You always have an option to refer the back dated resolution but then a new resolution can be passed at the time of acceptance of audited balance sheet in genera; meeting
3. Requirements as mentioned in the circulars
The holding company shall present in its annual report, the consolidated financial statements of holding
company and all its subsidiaries audited by its statutory auditors.
The consolidated financial statement shall be prepared in strict compliance with the applicable Accounting
Standards and, where applicable, Listing Agreement as prescribed by Securities and Exchange Board of
India.
The holding company shall disclose in the consolidated balance sheet specified information in aggregate
for each subsidiary including subsidiaries of subsidiaries.
The holding company shall furnish a hard copy of details of accounts of subsidiaries to any shareholder
on demand.
The holding as well as subsidiary companies in question shall regularly file such data to the various
regulatory and Government authorities as may be required by them.
The holding company shall give Indian rupee equivalent of the figures given in foreign currency appearing
in the accounts of the subsidiary companies along with exchange rate as on closing day of the financial
year.
