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Rule 6 of the Companies (Accounts) Rules, 2014, related to Manner of consolidation of accounts provides that the consolidation of financial statements of the company shall be made in accordance with the provisions of Schedule III of the Act and the applicable accounting standards.

Further, the proviso to the rule 6 provides that in case of a company having one or more subsidiary which is not required to prepare consolidated financial statements under the Accounting Standards, it shall be sufficient if the company complies with provisions on consolidated financial statements provided in Schedule III of the Act.

The Rule 6 has been amended by inserting two more provisos as per the following notification:

                  [To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub­section (i)]

GOVERNMENT OF INDIA

MINISTRY OF CORPORATE AFFAIRS

NOTIFICATION

New Delhi, the 14 ^th October,2014

G.S.R.•••• (E). - In exercise of the powers conferred by sub-sections (1) and (3) of section 128, sub-section (3) of section 129, section 133, section 134, sub­ section  (4)  of  section  135, sub-section  (1)  of  section  136, section  137  and section 138 read with section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules to amend the Companies (Accounts) Rules, 2014, namely :-

1. (1) These rules may be called the Companies (Accounts) Amendment Rules, 2014.

     (2) They shall come  into force on the date of  their  publication  in the Official Gazette.

2. In the Companies (Accounts) Rules, 2014, in rule 6, after the existing proviso, the following provisos shall be inserted, namely:-

"Provided further that nothing in this rule shall apply in respect of preparation of consolidated financial statement by an intermediate wholly owned subsidiary, other than a wholly-owned subsidiary whose immediate parent is a company incorporated outside India:

Provided also that nothing contained in this rule shall, subject to any other law or regulation, apply for the financial year commencing from the 1st day of April, 2014 and ending on the 3tst March, 2015, in case of a company which does not have a subsidiary or subsidiaries but has one or more associate companies or joint ventures or both, for the consolidation of financial statement in respect of associate companies or joint ventures or both, as the case may be."

[F. No. 1/19/2013 -CL-V-Part]

AMARDEEP SINGH

Note .-The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 239E), dated the 31st March, 2014