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2017 (2) TMI 699 - Tri - Companies LawPrayer to follow financial year from 1st January to 31st December as per the First Proviso to Sec.2(41) of the Companies Act, 2013 - consolidation of accounts - Held that:- As in the Board Resolution passed by the applicant company on 11 November, 2016, it has been decided to seek permission from the NCLT to follow the calendar year starting from 1st January to 31st December as financial year, to which the Board of Directors of M/s. Bill Forge Private Limited does not have any objection. A copy of the said Resolution is placed on record. Besides this, the latest Balance Sheet of the Holding Company incorporated in India with whom the Applicant company is aligning its financial year, is also placed on record along with the Board resolution dated 11th November, 2016 passed by the Holding Company. The proof of despatch of a set of application to the Registrar of Companies, Coimbatore, Tamil Nadu, is also placed on file. The set of application seems to have been forwared on 2nd of December 2016 to the ROC concerned. Thus we are satisfied that the applicant company [which is a subsidiary of M/s. Bill Forge Private Limited (Holding Company), which is further a subsidiary of M/s. Mahindra CIE Automotive Limited (the Holding Company of M/s. Bill Forge Private Limited) and which is a subsidiary of M/s. CIE Automotive SA (Ultimate Holding Company), a Company incorporated outside India], essentially requires to follow financial year from January 1st ending December 31st as its financial year for consolidation of its accounts outside India. Therefore, in exercise of the powers conferred under First Proviso of Section 2(41) of the Companies Act, 2013, we allow the application of the Company.
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