148.
| (1) The group accounts laid before a company shall give a true and fair view of the state of affairs and profit or loss of the company and the subsidiaries dealt with thereby as a whole, so far as concerns members of the company. |
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| (2) Where the financial year of a subsidiary does not coincide with that of the holding company, the group accounts shall, unless the Registrar on the application, or with the consent, of the directors of the holding company otherwise directs, deal with the subsidiary's state of affairs as at the end of its financial year ending with, or last before, the financial year of the holding company, and with the subsidiary's profit or loss for that financial year. |
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| (3) Without prejudice to the provisions of subsection (1) the group accounts, if prepared as consolidated accounts, shall comply with the requirements of the Fifth Schedule hereto, so far as applicable to consolidated accounts and if not so prepared shall give the same or equivalent information: |
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Provided that the registrar may, on the application, or with the consent, of the directors of a company, modify the said requirements in relation to that company for the purpose of adopting them to the circumstances of the company. |
Sri Lanka Consolidated Acts