| ACCOUNTS OF COMPANY X Ltd has a subsidiary company called Y Ltd. The financial year of the holding company is 31st March,whereas that of the subsidiary company ends on 30th June every year.The management of the holding company decides that the financial year of the subsidiary company for the year 1.07.2000 to 30.06.2001 should be extended upto 31.03.2002,so that the financial years of th holding and subsidiary companies end on 31st March every year.Advise the management about the steps to be taken under the Companies Act to achieve the purpose.(CA FINAL MAY 2001,NOV 2003,NOV 2005) Solution: Applicable section- Mention Section 212 of Companies Act Section213-Explain the power of Central Govt to extend the financial Year Explain the procedure for seeking extension |
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