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2016 (9) TMI 353 - Tri - Companies LawAdoption of financial year by subsidiary company same as its holding company - Held that:- As seen the documents along with petition and also the report of the Registrar of Companies, Karnataka, Bengaluru who recommended for change of financial year as requested by the Petitioner Company. Certified copy of latest Balance sheet of the Holding Company is enclosed with Petition. We have seen the Board Resolution of the Petitioner Company and also the consent letter of Holding Company. Affidavit of the Director of the Petitioner Company discloses that Applicant Company is one of the subsidiaries of "UNIVERSAL ROBOTS A S" and the other subsidiary companies adopted the same calendar year as financial year. So there are grounds to permit the Petitioner Company to adopt calendar year as financial year of Holding Company for the purpose of consolidation of accounts. Accordingly, the following order is passed under section 420 read with section 2 (41) of the Companies Act, 2013:- The Petitioner Company "UNIVERSAL ROBOTS (INDIA) PRIVATE LIMTIED" is permitted to adopt its financial year as 1st January to 31st December to match with the financial year of the Holding Company.
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