MNO International Financial Service Company is a subsidiary of Lee Ltd of Japan, established in SEZ of India. The holding company Lee Ltd follows calendar year as financial year. MNO-IFSC also proposes to follow the same

International Financial Services Centre (IFSC) is a hub of financial services within a country which has laws and regulations different from the rest of the country. Usually, these centres have low tax rates and flexible regulations for securities and currency trading, banking and insurance, which make them attractive for foreign investment. It can be said that these centres deal mainly with the flow of money, financial product and services across borders. As stipulated under Clause 41 of Section 2 of the Companies Act 2013, in case of Specified IFSC Public/ Private Company, which is a subsidiary of a foreign company, the financial year of the subsidiary may be same as the financial year of its holding company and approval of the Tribunal shall not be required. Accordingly, MNO-IFSC, being a subsidiary of Lee Ltd., of Japan, a holding company established in SEZ of India can also follow the calendar year as financial year as followed by its holding company without requiring to take any approval of the National Company Law Tribunal.