Manorama Kumari, Member - (1.) Moresco HM&LUB India Private Limited, a Company incorporated under the provisions of the Companies Act, 2013, having its Registered Office at Unit No. 806/B, Pinnacle Building, Prahlad Nagar, Ahmedabad-380015, Gujarat, filed this petition under Section 2(41) of the Companies Act, 2013, seeking permission of this Tribunal to follow the Financial Year from 1st January to 31st December every year.
(2.) The facts in brief, that are necessary to adjudicate the r request of the Petitioner Company, are as follows; 2.1. The Petitioner Company was incorporated on 23rd February, 2017. The Board of Directors of the Petitioner Company, L by a Resolution dated 1st March, 2017 authorized Ms. Mitalee -Kaushal, Director of the Company to file this Petition. 2.2. The main object of the Petitioner Company has been set out in Clause III (A) 1 to 4 of Memorandum of Association, i.e., to carry on the business of manufacture of petroleum products, r r lubricants and their raw materials; additives; medicines; industrial chemicals, detergents, adhesives etc., and to engage in sale, trading, distribution, and import and export of such products etc. 2.3. The Authorized Share Capital of the Petitioner Company is Rs. 18,00,00,000/- divided into 1,80,00,000 Equity Shares of Rs. 10/- each. The Issued, Subscribed and Paid-up Capital of the Petitioner Company is Rs. 18,00,00,000/- divided into 1,80,00,000 Equity Shares of Rs. 10/- each. There are three Board of Directors in Petitioner Company. Petitioner Company is a Subsidiary Company of 'MORESCO Corporation' which is a foreign company having its Registered Office in Japan [hereinafter called as "Holding Company"].
(3.) It is stated in the Petition that Holding Company is following the Financial Year from March to February of every year. Petitioner filed the audited consolidated Financial Statements of the Holding Company as on February 28, 2017 vide Annexure P-7. The Holding Company gave consent to the Petitioner Company to follow the Financial Year that is being followed by the Holding Company, i.e., from January to December, for consolidation of accounts vide Annexure P-7. The Petitioner Company has filed the Unaudited Financial Statement of the Company as on 31st March, 2017; and Securities Listing Regulations of Tokyo Stock Exchange and extracts from the Guidelines on draft of Earning Reports and Quarterly Earning Reports. > -;