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2017 (2) TMI 700 - NATIONAL COMPANY LAW TRIBUNAL CHENNAI

2017 (2) TMI 700 - NATIONAL COMPANY LAW TRIBUNAL CHENNAI - TMI - Retain of financial year commencing from January 1st ending December 31st every year to align the financial year with its Holding Group of Companies that have been incorporated outside India - Held that:- The holding Company is following the financial year commencing from January 1st ending December 31st every year to maintain uniformity for the purpose of consolidation of its accounts, all over the world. This is being followed in .....

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been incorporated outside India. - The Applicant company has placed on record true copy of the Resolution adopted on December 2015 wherein its Board of Directors has approved for filing application/petition before the Company Law Board for retention of the existing financial year of the Company from January 1st ending December 31st every year, by giving the authority to Mr. Ashok Malhotra, Managing Director, to sign and execute the application. Besides this, the current Balance Sheet placed .....

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ry year, for consolidation of its accounts with its holding company registered outside India. - T.C.A. No. 41/2016 (CA No. 122/2016) - Dated:- 3-2-2017 - Anantha Padmanabha Swamy & Ch Mohd Sharief Tariq, Members (Judicial) Represented by : Dr. K.S. Ravichandran, PCS ORDER Under adjudication is an application filed before CLB under Section 2(41) of the Companies Act, 2013, which was numbered as CA/ 122/2016, then came to be transferred to NCLT and re-numbered as TCA/41/2016. This application .....

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ins, Civil Aerodrome Post, Coimbatore, Tamil Nadu. The authorised capital of the Company is Rs, 1,00,00,000/(Rupees One Crore Only) divided into (Ten Lakhs) equity shares of ₹ 10/- each. The issued, subscribed and paid up equity share capital is ₹ 60,37,040/- (Rupees Six Lakhs Thirty Seven Thousand and Forty only) divided into 6,03,704 (Six Lakhs Three Thousand Seven Hundred and Four) equity shares of ₹ 10/-(Rupees Ten only) each. The Company is carrying on business of manufact .....

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ed on record. The Petitioner Company is a Member of the Habasit Group of Companies (Habasit Group) and its entire paid-up share capital is owned by two Bodies Corporate situated in Switzerland. Habasit Group has subsidiaries in over 70 countries across the globe. The holding Company is following the financial year commencing from January 1st ending December 31st every year to maintain uniformity for the purpose of consolidation of its accounts, all over the world. This is being followed in order .....

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ncorporated outside India. In this connection, an approval seems to have been granted by the Holding Company on 19 December 2015 to the Subsidiary Company, i.e. Applicant company, for following the calendar year starting January 1st ending December 31st every year, as financial year for statutory purposes. 2. The Applicant company has also placed on record true copy of the Resolution adopted on December 2015 wherein its Board of Directors has approved for filing application/petition before the C .....

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