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The Companies Act, 1956

Title : The Companies Act, 1956

Year : 1956

 

Sec213    -     Financial year of holding company andsubsidiary.

    (1) Where it appears to the Central Government desirable for a holding company or a holding companys subsidiary, to extend its financial year so that the subsidiarys financial year may end with that of the holding company, and for that purpose to postpone the submission of the relevant accounts to a general meeting, the Central Government may, on the application or with the consent of the Board of directors of the company whose financial year is to be extended, direct that in the case of that company, the submission of accounts to a general meeting, the holding of an annual general meeting or the making of an annual return, shall not be required to be submitted, held or made, earlier than the dates specified in the direction, notwithstanding anything to the contrary in this Act or in any other Act for the time being in force.

    (2) The Central Government shall, on the application of the Board of directors of a holding company or a holding companys subsidiary, exercise the powers conferred on that Government by sub-section (1) if it is necessary so to do, in order to secure that the end of the financial year of the subsidiary does not precede the end of the holding companys financial year by more than six months, where that is not the case at the commencement of this Act, or at the date on which the relationship of holding company and subsidiary comes into existence where that date is later than the commencement of this Act.


Last updated on May, 2015

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