Uranus Pvt. Ltd., a partially-owned subsidiary of Saturn Ltd., a manufacturing company, has been operating as an unlisted company in India. The…

Uranus Pvt. Ltd., a partially-owned subsidiary of Saturn Ltd., a manufacturing company, has been operating as an unlisted company in India. The company's shareholders, including non-voting members, have been informed in writing about the company's decision not to present consolidated financial statements. None of the members have objected, and the company holds proof of delivery for these communications. Saturn Ltd., the ultimate holding company of Uranus Pvt. Ltd., files its consolidated financial statements with the Registrar in compliance with the applicable Accounting Standards. Saturn Ltd. is listed on the National Stock Exchange (NSE) and adheres to Ind AS for its reporting requirements. Pluto Ltd., is another subsidiary of Saturn Ltd. manages funds from various investors, with a stated business objective of earning returns through capital appreciation and investment income. It evaluates its investments on a fair value basis, reporting these changes through profit or loss. Pluto Ltd. holds 75% shares of Neptune Ltd. and 60% shares of Eris Ltd. During a regulatory review, issues arose regarding the applicability of Consolidated Financial Statement (CFS) requirements and the exemptions provided under the Companies Act, 2013, and Ind AS 110.