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Section 212 of the Companies Act,1956 required that Holding Company has to attach certain documents of Subsidiary Companies in the Annual Report of Holding Company. There is no corresponding section (to 212 of old Act) in the new Act. However section 129 mandates consolidation of holding- subsidiary –associate company accounts. Whether Holding Company is still required to attach stand alone documents of subsidiary even after consolidation for 2014-15?

Accounts

Posted By: Vijay jani 10 year(s) ago

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    Akansha

No requirement to attach standalone financial statement of subsidiary but there is a requirement to attach salient features of the subsidiary or subsidiaries/ associate company/joint ventures in form AOC- 1 along with financial statements of the company. (Section 129 read with rule 5 of Companies (accounts) Rules, 2014).

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    Nilesh Patel

I think its not required. The purpose of CFS is to avoid repetition of accounts of subsidiaries and give a true and fair view of group as a whole. You are just required to attach separate statement containing the salient features of the financial statement of its subsidiary or subsidiaries in prescribed form.

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