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2016 (9) TMI 353 - NATIONAL COMPANY LAW TRIBUNAL BENGALURU

2016 (9) TMI 353 - NATIONAL COMPANY LAW TRIBUNAL, BENGALURU - TMI - Adoption 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 C .....

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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 Secretary and Authorised representative ORDER The Petition is f .....

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f body corporate registered outside India to follow calendar year (1st January to 31st December) as its financial year for the purpose of consolidation of its accounts with its holding company. The averments in the application are briefly stated hereunder: The Applicant Company is a Private Limited Company, incorporated under the Companies Act, 2013 on 31/01/2014 under the name and style of "UNIVERSAL ROBOTS (INDIA) PRIVATE LIMTIED" vide Corporate Identity No. U29199KA2014FTC073359. Th .....

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sed 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 yea .....

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e Board of Directors of the Petitioner Company at the meeting held on 28/8/2015 passed a resolution seeking for change of financial year to 1st January to 31st December. The Resolution of Board of Directors is enclosed with Petition. The Holding Company has also given consent for change of financial year to the Petitioner Company vide their letter dated 7/12/2015. The main object of the applicant company is to carry out the business in India and abroad, the business of construction, design, prod .....

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mitted that earlier Petitioner Company adopted financial year ending 31/3/2015 after its incorporation. The Practicing Company Secretary relies on the provisions of section 2 (41) of the 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 corp .....

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