IN RE Vs. SAROVAR HOTELS PVT LTD

JUDGEMENT

(1.) The Petitioner Company tiled this Company Petition seeking the relief that it may be permitted to change the Financial Year ending on 3Is1 March, to 31st December, every year for making/aligning its consolidation of accounts with the Holding Company incorporated outside India.

(2.) The Petitioner company was incorporated on 10.09.1993, having C1N : U74140MH1993PTC139435, as a private limited company under the Companies Act, 1956, having its registered office at 42, Mittal Chambers, Nariman Point, Mumbai, Mumbai City, Maharashtra, India, 400021.

(3.) Petitioner Company submits that it is a subsidiary of M/s. Campanile Nederland B.V., Amsterdam having its Foreign Registration No.20070602. The petitioner submits that the Holding company follows the Financial Year H January to 31st December of every year as its financial year. The Petitioner company presently follows 1st April to 31st March, as its financial year. The Petitioner company wants to align its Financial Year with the Holding company for consolidation of its Accounts.