QUISK INDIA PRIVATE LIMITED Vs. REGISTRAR OF COMPANIES

JUDGEMENT

(1.) The Present Company Application bearing CA No. 146/2(41 ) /HDB/2017is filed by M/s. Quisk India Private Limited, under Section 2(41) of the Companies Act 2013, by praying the Tribunal to allow the Petitioner Company to adopt the period from 7th March, 2017 to 31st December, 2017 as its first financial year and thereafter, to adopt as its second and subsequent financial years, the period comprising of 12 months from 1st January of a calendar year to 31st December of the same calendar year to in order to enable consolidation of accounts of the Petitioner Company with those of its Holding Company i.e. Quisk Inc.

(2.) Brief facts of the case, as mentioned in the application, are as follows:

(3.) The Registrar of Companies, Hyderabad filed his Report No. ROCH/Legal/Sec2(41) /QIPL/STA(CK) / 2017/2623 dated 27.11.2017, by interalia stating that the present financial year of the Company is 1st April to 31st March, and that of the holding company is 1st January to 31 December. As per the provisions of Section 2(41) of the Companies Act, 2013, every company shall have its financial year starting from 1st April and ends by 31st March. However, in case, its parent company, and the company which is a subsidiary of foreign company, it can have different financial year with the approval of this Tribunal. It is therefore submitted that the Tribunal can consider the Application.