TMI Blog2016 (9) TMI 353X X X X Extracts X X X X X X X X Extracts X X X X ..... nd 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. - T.P.NO. 99/2016, C.A. 109/2(41)/CB/2016 - - - Dated:- 26-8-2016 - SHRI RATAKONDA MURALI AND SHRI ASHOK KUMAR MISHRA, JJ. For The Applicant : Mr. P.R. Sitaram, Practicing Company S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the latest audited financials of the Holding Company is enclosed with the Petition. The first financial year of the applicant company was for a period of 15 months from the date of incorporation till 31/3/2015. As per the provisions of section 2(41) of the Companies Act, 2013, the Company is required to follow uniform financial year pattern (i.e., 1st April to 31st March), and was provided a period of 2 (two) years to align its financial year pattern in line with the requirements of the said provision. The Petitioner Company is following the financial year as required under the Act, since the Holding Company follows the financial year from 1st January to 31s1 December, the Company has realized that it will be difficult for it to align w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Companies Act, 2013 which permits the subsidiary company to follow each financial year to align with the financial year of holding company for purpose of consolidation of accounts. As per Section 2 (41) of the Companies Act, 2013 reads as under: financial year , in relation to any company or body corporate, means the period ending on the 31st day of March every year, and where it has been incorporated on or after the 1st day of January of a year, the period ending on the 31st day of March of the following year, in respect whereof financial statement of the company or body corporate is made up; Provided that on an application made by a company or body corporate, which is a holding company or a subsidiary of a company incorporated out ..... X X X X Extracts X X X X X X X X Extracts X X X X
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