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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Ministry of Corporate Affairs grants exemption u/s 212(8) for companies with subsidiaries, subject to specific conditions.</h1> The circular from the Ministry of Corporate Affairs provides a general exemption under Section 212(8) of the Companies Act, 1956, for companies with subsidiaries, subject to specific conditions. These include board consent for not attaching subsidiary balance sheets, presentation of audited consolidated financial statements, compliance with accounting standards, and disclosure of aggregate financial information for each subsidiary. The holding company must ensure availability of subsidiary accounts to shareholders and regulatory authorities, provide Indian rupee equivalents for foreign currency figures, and include a note in the annual report about the availability of subsidiary accounts for inspection.
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