The group accounts laid before the company in general meeting need not deal with a subsidiary if directors of the company are of the opinion that:
It is impracticable
It would be of no real value to members of the company in view of the insignificant amounts involved
It would involve expense or delay out of proportion to the value to members of the company
The result would be misleading
The result would be harmful to the business of the company or any of its subsidiaries
The business of the holding company and that of the subsidiary are so different that they cannot be reasonably be treated as a single undertaking.
If directors are of such an opinion about each of the company‟s subsidiaries, group accounts shall not be required.