EFG Pvt. Ltd. is a holding company of HIJ Ltd. and KLM Ltd. which are its subsidiary companies. Is the company required to prepare a consolidated financial statement (including the details of the Subsidiary Cos.) and lay

According to Section 129(3) of the Companies Act, 2013, where a company has one or more subsidiaries or associates or joint ventures, it shall, in addition to its financial statement for the financial year, prepare a consolidated financial statement of the company of all the subsidiaries or associates or joint ventures in the same form and manner as that of its own which shall also be laid before the annual general meeting of the company along with the laying of its financial statement. The company is also required to attach along with the financial statement, a separate statement containing the salient features of the financial statement of the subsidiaries/associates/joint ventures in Form AOC-1. In the given case, based on the above provision the EFG Pvt. Ltd, being a holding company of the HIJ Ltd and KML Ltd. is required to prepare a consolidated financial statement with its subsidiaries and lay it before the AGM of the company. The company is also required to attach a separate statement containing the salient features of the financial statement of the HIJ Ltd and KML Ltd in Form AOC-1.