- (1.) This is a petition filed by M/s. Adva Optical Networking (India) Pvt. Ltd., under 1st proviso of Section 2(41) of the Companies Act, 2013 seeking an exemption be granted to change the financial year of the company from 1st April to 31st March presently adopted by following the financial year in below manner:- For the next financial year: From 1st April, 2016 to 31st December, 2016 both days inclusive; For the subsequent financial year: Be changed to a period of one calendar year beginning from 1st January of one year and concluding on 31st December of the same year.
(2.) The facts in brief as submitted is that the petitioner is a company incorporated in India under the provisions of Companies Act, 1956 and presently engaged in the business of networking solutions and is a leading service provider and follows the financial year 1st April to 31st March for the purpose of accounting, The petitioner further submits that it has its registered office at DCT 402, DLF City Court, Sikandarpur, Gurgaon, Haryana-122001, falling within the jurisdiction of Registrar of Companies NCT, Delhi & Haryana.
(3.) The petitioner in its petition avers that it is a part of Adva Optical Networking, Singapore Pvt. Ltd., a company incorporated in Singapore (being the parent company) holding 99% of the equity share capital of the petitioner and the remaining 1% of the equity share capital of the petitioner is held by Adva Optical Networking SE, a company incorporated in Germany, which is represented to be the Ultimate Holding company. It is submitted by the petitioner that presently, both the parent company as well as the Ultimate Holding company and other companies falling within the group, follow their financial year as 1st January to 31st December of the same year for the purpose of consolidation of accounts and hence in order to streamline the preparation of the consolidated financials of the parent company, the petitioner company is required to align with it.;