Consolidation of financial statements: Schedule III and accounting standards govern preparation, with narrow exceptions where holding company filings suffice.

Consolidation of financial statements must follow Schedule III and applicable accounting standards; companies covered by section 129(3) not required by Accounting Standards to prepare consolidated statements need only comply with Schedule III. Exceptions allow omission of consolidated statements where the entity is wholly- or partially-owned with non-objection by members, securities are unlisted and the ultimate or intermediate holding company files compliant consolidated statements with the Registrar; transitional provisions limit application for certain financial years and for subsidiaries outside India.

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