(2)[(a) The balance sheet referred to in clause (a) of sub-section (1) shall be made out in accordance with the requirements of this Act,-(i)as at the end of the financial year of the subsidiary, where such financial year coincides with the financial year of the holding company;(ii)as at the end of the financial year of the subsidiary last before that of the holding company where the financial year of the subsidiary does not coincide with that of the holding company.](b)The profit and loss account and the reports of the Board of Directors and of the auditors, referred to in clauses (b), (c) and (d) of sub-section (1), shall be made out, in accordance with the requirements of this Act, for the financial year of the subsidiary referred to in clause (a).(c)[Where the financial year of the subsidiary does not coincide with that of the holding company, the financial year aforesaid] [ Substituted by Act 65 of 1960, Section 63, for " The financial year aforesaid" (w.e.f. 28.12.1960).] of the subsidiary shall not end on a day which precedes the day on which the holding company's financial year ends by more than six months.(d)Where the financial year of a subsidiary is shorter in duration than that of its holding company, references to the financial year of the subsidiary in clauses (a), (b) and (c) shall be construed as references to two or more financial years of the subsidiary, the duration of which, in the aggregate, is not less than the duration of the holding company's financial year.
