CIF Technosystems Private Limited is proposed to be incorporated in Bhubaneshwar, Orissa under the Companies Act, 2013. The company will be a holding company of CIF Holding Private Limited, already incorporated in Brazil

Section 2(41) of the Companies Act, 2013 has defined the term 'financial year'. It states that financial year in relation to any company or body corporate, means the period ending on the 31st day of March every year. The financial year of every company registered under the Companies Act in India has to be from April of a calendar year to March of the next calendar year. However, proviso to section 2(41) reads that on an application made by a company or body corporate, which is a holding company or a subsidiary of a company incorporated outside India and is required to follow a different financial year for consolidation of its accounts outside India, the Tribunal may, if it is satisfied, allow any period as its financial year. On the basis of position of law hereinabove, CIF Technosystems Private Limited proposed to be incorporated under the Companies Act, 2013 has to have its financial year to end on 31st March every calendar year. However, as it is a holding company of CIF Private Limited, a company in Brazil incorporated outside India, and that company follows its financial year 1st January to 31st December of a calendar year, the Indian company CIF Technosystems Private Limited can apply to Tribunal to allow its financial year to be aligned to end on 31st December for ease of consolidation of financial statements. The Tribunal will decide on the basis of merit in application.