Amendment of section 137.
39. In section 137 of the principal Act,-
(i) in sub-section (1),-
(a) the words and figures "within the time specified under section 403" shall be omitted;
(b) in the second proviso, the words and figures "within the time specified under section 403" shall be omitted;
(c) after the fourth proviso, the following proviso shall be inserted, namely:-
'Provided also that in the case of a subsidiary which has been incorporated outside India (herein referred to as "foreign subsidiary"), which is not required to get its financial statement audited under any law of the country of its incorporation and which does not get such financial statement audited, the requirements of the fourth proviso shall be met if the holding Indian company files such unaudited financial statement along with a declaration to this effect and where such financial statement is in a language other than English, along with a translated copy of the financial statement in English.'.
(ii) in sub-section (2), the words and figures “within the time specified, under section 403” shall be omitted;
(iii) in sub-section (3), for the words and figures “in section 403”, the word “therein” shall be substituted.
