Exemption from attaching subsidiary accounts where audited consolidated financial statements and prescribed subsidiary disclosures are provided. A general exemption under Section 212(8) exempts holding companies from attaching subsidiary balance sheets where the board resolves consent, audited consolidated financial statements are presented in compliance with Accounting Standards and listing requirements, and specified aggregated disclosures for each subsidiary are included. The holding company must make subsidiary annual accounts available to shareholders on request, allow inspection at head offices, provide hard copies on demand, comply with regulatory filings, and disclose Indian rupee equivalents of foreign currency subsidiary figures using the year-end exchange rate.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Exemption from attaching subsidiary accounts where audited consolidated financial statements and prescribed subsidiary disclosures are provided.
A general exemption under Section 212(8) exempts holding companies from attaching subsidiary balance sheets where the board resolves consent, audited consolidated financial statements are presented in compliance with Accounting Standards and listing requirements, and specified aggregated disclosures for each subsidiary are included. The holding company must make subsidiary annual accounts available to shareholders on request, allow inspection at head offices, provide hard copies on demand, comply with regulatory filings, and disclose Indian rupee equivalents of foreign currency subsidiary figures using the year-end exchange rate.
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