Lotus Global Corporation is a company incorporated in Singapore. Its wholly owned Indian subsidiary, Meadow Limited, intends to adopt a financial…

Where an application is made by a company or body corporate, which is a holding company or a subsidiary or associate company of a company incorporated outside India and which is required to follow a different financial year for consolidation of its accounts outside India, the Central Government may, on the basis of such application made in such form and manner as may be prescribed, allow any period as its financial year, whether or not that period is a year. Meadow Limited is advised to follow the above procedure accordingly.