IN RE Vs. BONFIGLIOLI TRANSMISSIONS PRIVATE LIMITED

JUDGEMENT

(1.) Under consideration is a Company Application filed under Section 2(41) of the Companies Act, 2013 with a prayer to allow the Applicant Company to follow a different financial year i.e. a period of 12 months starting from 1st January to 31st December each year, as its financial year in terms of the provisions of section 2(41) of the Companies Act, 2013.

(2.) This application has been filed by the Applicant Company, Bonfiglioli Transmissions Private Limited which was incorporated on 23.06.1998 having the Corporate Identity Number U29309TN1998PTC040717 and having its registered office at plot No. AC7-AC 11, Sidco Industrial Estate, Thirumudivakkam, Chennai TN-600044. The main objects of the Applicant Company as set out in sub-clause A of Clause III of the Memorandum of Association are to carry on business of designing, manufacturing, developing, hiring, repairing, importing, exporting, buying, selling and dealing in gears of all types eluding in particular, spiral bevel, straight bevel, spur and helical and worm gears, gear boxes, motor controllers, electrochemical and electronic devices, accessories and transmission devices etc.

(3.) The Applicant Company is a Wholly Owned Subsidiary of Bonfiglioli Riduttori S.P.A (In short, 'Holding Company') incorporated in Italy and registered under the laws of Italy, having registered office at Calderara Di Reno (Bo), Vi A Giovanni XXIII 7/A Cap, Bolagana, Italy. The Holding company holds 99.99% equity shares of the Applicant Company and predominantly controls the management of the Applicant Company and follows the calendar year from 1st January to 31st December as financial year.