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of <h1>Companies Act Amendment: Section 2(41) Allows Foreign-Linked Firms to Request Different Financial Year for Account Consolidation.</h1> In the Companies Act, 2013, section 2, clause (41) has been amended by the Companies (Amendment) Ordinance, 2019. The amendment allows companies or body corporates that are holding, subsidiary, or associate companies of entities incorporated outside India to apply to the Central Government for permission to adopt a different financial year for consolidating accounts. This is applicable when required for consolidation outside India. Applications pending before the Tribunal at the commencement of the Ordinance will be resolved under the previous provisions. Additionally, a minor wording change is made in the second proviso.
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