IN RE Vs. MAPEI CONSTRUCTION PRODUCTS INDIA PVT LTD
LAWS(NCLT)-2016-8-10
NATIONAL COMPANY LAW TRIBUNAL
Decided on August 03,2016

IN RE Appellant
VERSUS
MAPEI CONSTRUCTION PRODUCTS INDIA PVT LTD Respondents

JUDGEMENT

- (1.)This application is filed on behalf of petitioner company under Section 2(41) of the Companies Act, 2013 with a prayer to allow the petitioner company to follow financial year starting from V January- and ending on 31 December every year other than the financial year prescribed under section 2(41) of Companies Act, 2013.
(2.)The averments in the application in brief that petitioner company is incorporated in India under the name and style Mapie Constructions Products India Pvt. Ltd. The objects of the company is to meet the needs of home market for admixtures for concrete, materials for underground constructions etc. The authorised share capital of the company is Rs. 50 crores divided into 5 crores equity shares of Rs. 10/- each and paid up share capital of the company is Rs. 43 crores. The petitioner company is following financial year from 1st January to 31st December. The main business of the company is manufacture of products for ceramics and stone materials etc.. The Registered office of the company is situated at The Tuddor Court No. S-402, 3rd floor, Municipal No. 40 (Old No. 19C), Lavelle Road, Bangalore 560 001.
(3.)The petitioner company is a subsidiary company of MapieS.p.A Italy a foreign holding company incorporated outside India having registered office at Milano (MI) via Cafiero, Carlo 22, CAP 20158, Milano. Italy. The petitioner company is presently following financial year starting from 1st January and ending on 31st December every year for preparation of financial statements in coincidence with financial year of holding company. Accordingly Petitioner Company provides its financial statements to the holding company for consolidation purpose.
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