Consolidation exemptions limit consolidation obligations for intermediate wholly owned subsidiaries and provide transitional relief for associates and joint ventures. The amendment adds provisos to rule 6: consolidation obligations do not apply to consolidated financial statements prepared by an intermediate wholly owned subsidiary unless its immediate parent is incorporated outside India; and, subject to other law or regulation, companies without subsidiaries but with associates or joint ventures are exempt from consolidating those associates or joint ventures for the transitional financial year following commencement of the Act.
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.
Consolidation exemptions limit consolidation obligations for intermediate wholly owned subsidiaries and provide transitional relief for associates and joint ventures.
The amendment adds provisos to rule 6: consolidation obligations do not apply to consolidated financial statements prepared by an intermediate wholly owned subsidiary unless its immediate parent is incorporated outside India; and, subject to other law or regulation, companies without subsidiaries but with associates or joint ventures are exempt from consolidating those associates or joint ventures for the transitional financial year following commencement of the Act.
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