(3)Where a company has one or more subsidiaries, it shall, in addition to financial statements provided under sub-section (2), prepare a consolidated financial statement of the company and of all the subsidiaries in the same form and manner as that of its own which shall also be laid before the annual general meeting of the company along with the laying of its financial statement under sub-section (2):Provided that the company shall also attach along with its financial statement, a separate statement containing the salient features of the financial statement of its subsidiary or subsidiaries in such form as may be prescribed:Provided further that the Central Government may provide for the consolidation of accounts of companies in such manner as may be prescribed.Explanation.—For the purposes of this sub-section, the word “subsidiary”‖shall include associate company and joint venture.
