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The financial statement format prescribed by Schedule III does NOT apply to:
ACompanies with turnover above ₹500 crore
BSubsidiaries of foreign holding entities
CListed companies with foreign operations
DInsurance companies and banking companies — both have formats prescribed by their respective sectoral regulators
Answer & Solution
Correct answer: D. Insurance companies and banking companies — both have formats prescribed by their respective sectoral regulators
Proviso to Section 129(1) of the Companies Act — the Schedule III format does NOT apply to insurance and banking companies (governed by IRDAI and RBI sectoral formats respectively). Listed status, foreign-parent status and turnover thresholds do not exempt Schedule III applicability.
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