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of <h1>Amendment to Companies Act: Section 2 Clause (41) Modified for Foreign Company Financial Year Flexibility</h1> In the Companies (Amendment) Act, 2019, section 2 of the Companies Act, 2013, is amended to modify clause (41). The amendment allows the Central Government to permit a company or body corporate, which is a holding, subsidiary, or associate of a company incorporated outside India, to adopt a financial year different from the Indian standard for account consolidation purposes. This is contingent upon an application process. Additionally, any applications pending before the Tribunal at the time of the amendment's commencement will be resolved under the prior applicable provisions. The wording in the second proviso is also slightly altered.
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