This is the second part in
a series of three on the new accounting standard 21 on consolidated
financial statements. The first part discussed that consolidated
statements are not an option for separate statements.
The Indian Constitution empowers
the high courts to issue writs for enforcement of any of the
fundamental rights guaranteed by the Constitution. Thus the
high courts may entertain the writ petitions directly without
relegating the matter to the appellate authorities.
A Bench of 5 judges of Supreme
Court had, in Karnataka State Road Transport Corp v Lakshmideviamma
(2001 ATR SCW 1981), to consider, review and resolve the conflict,
if any, in decisions of the apex court in Shambhunath Goyal
v Bank of Baroda (AIR 1984 SC289) & Rajendra Jha v Presiding
Officer, Labour Court (AIR 1984 SC1696).
