TMI BlogBalance sheet of holding company to include certain particulars as to its subsidiaries.X X X X Extracts X X X X X X X X Extracts X X X X ..... of directors; (d) a copy of the report of its auditors; (e) a statement of the holding company's interest in the subsidiary as specified in sub-section (3); (f) the statement referred to in sub-section (5), if any; and (g) the report referred to in sub-section (6), if any. (2) [1] [(a) The balance sheet referred to in clause (a) of sub-section (1) shall be made out in accordance with the requirements of this Act, ___ (i) as at the end of the financial year of the subsidiary, where such financial year coincides with the financial year of the holding company; (ii) as at the end of the financial year of the subsidiary last before that of the holding company where the financial year of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y's profits after deducting its losses or vice versa (i) for the financial year or years of the subsidiary aforesaid; and (ii) for the previous financial years of the subsidiary since it became the holding company's subsidiary; (c) the net aggregate amount of the profits of the subsidiary after deducting its losses or vice versa (i) for the financial year or years of the subsidiary aforesaid; and (ii) for the previous financial years of the subsidiary since it became the holding company's subsidiary; so far as those profits are dealt with, or provision is made for those losses, in the company's accounts. (4) Clauses (b) and (c) of sub-section (3) shall ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ary between the end of the financial year or of the last of the financial years of the subsidiary and the end of the holding company's financial year; (b) details of any material changes which have occurred between the end of the financial year or of the last of the financial years of the subsidiary and the end of the holding company's financial year in respect of (i) the subsidiary's fixed assets; (ii) its investments; (iii) the moneys lent by it; (iv) the moneys borrowed by it for any purpose other than that of meeting current liabilities. (6) If, for any reason, the Board of directors of the holding company is unable to obtain information on any of the matters required to be speci ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... [5] [* * *] [6] [managing director, manager,] or Board of directors, as the case may be, with the duty of seeing that the provisions of this section are complied with, makes default in doing so, he shall, in respect of each offence be punishable with imprisonment for a term which may extend to six months, or with fine which may extend to [7] [ten thousand rupees], or with both: Provided that no person shall be sentenced to imprisonment for any such offence unless it was committed wilfully. ------------------------------------- Notes:- [1] Substituted by the Companies (Amendment) Act, 1960, Act 65 of 1960, section 63, for clause (a). [2] Substituted by the Companies (Amendment) Act, 1960, Act 65 of 196 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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