9911796707
TMI Blog2016 (9) TMI 353X X X X Extracts X X X X X X X X Extracts X X X X ..... uthern Region, Chennai Bench and renumbered TP No. 99/2016. This petition is filed by the Petitioner under section 2(41) of the Companies Act, 2013 with a prayer to permit the company which is a subsidiary of body corporate registered outside India to follow calendar year (1st January to 31st December) as its financial year for the purpose of consolidation of its accounts with its holding company. The averments in the application are briefly stated hereunder: The Applicant Company is a Private Limited Company, incorporated under the Companies Act, 2013 on 31/01/2014 under the name and style of "UNIVERSAL ROBOTS (INDIA) PRIVATE LIMTIED" vide Corporate Identity No. U29199KA2014FTC073359. The Registered Office of the company is situated at Ba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he meeting held on 28/8/2015 passed a resolution seeking for change of financial year to 1st January to 31st December. The Resolution of Board of Directors is enclosed with Petition. The Holding Company has also given consent for change of financial year to the Petitioner Company vide their letter dated 7/12/2015. The main object of the applicant company is to carry out the business in India and abroad, the business of construction, design, production, assembling and with respect to the business of robotics to sell purchase and market all kinds of electronic and computer components and to provide consultancy etc., Details of the main object of the Company are stated in the Petition. We have heard the Practicing Company Secretary of the Pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of financial year as requested by the Petitioner Company. Certified copy of latest Balance sheet of the Holding Company is enclosed with Petition. We have seen the Board Resolution of the Petitioner Company and also the consent letter of Holding Company. Affidavit of the Director of the Petitioner Company discloses that Applicant Company is one of the subsidiaries of "UNIVERSAL ROBOTS A S" and the other subsidiary companies adopted the same calendar year as financial year. So there are grounds to permit the Petitioner Company to adopt calendar year as financial year of Holding Company for the purpose of consolidation of accounts. Accordingly, the following order is passed under section 420 read with section 2 (41) of the Companies Act, 201 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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