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Australian Securities Exchange and has numerous small shareholders.

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Polaris Ltd is a public company which is listed on the Australian Securities Exchange and has numerous small shareholders. Polaris Ltd owns 35% of the issued ordinary shares of Beta Ltd. The remaining shares of Beta Ltd are widely distributed among numerous small shareholders, none of which own more than 4% of Beta Ltd. Beta Ltd’s constitution provides that at general meetings of the company, ordinary shareholders are entitled to vote on resolutions and elect directors, on the basis of one vote per ordinary share. At general meetings of Beta Ltd, resolutions proposed by Polaris Ltd are ...

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Polaris Ltd is a public company which is listed on the Australian Securities Exchange and has numerous small shareholders. Polaris Ltd owns 35% of the issued ordinary shares of Beta Ltd. The remaining shares of Beta Ltd are widely distributed among numerous small shareholders, none of which own more than 4% of Beta Ltd. Beta Ltd’s constitution provides that at general meetings of the company, ordinary shareholders are entitled to vote on resolutions and elect directors, on the basis of one vote per ordinary share. At general meetings of Beta Ltd, resolutions proposed by Polaris Ltd are invariable passed, and candidates for directorships nominated by Polaris Ltd are invariable elected, because many small shareholders in Beta Ltd do not exercise their right to attend general meetings and vote. Please download the attached file.

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The present research paper is based on the consolidated financial statements with a hypothetical scenario presented before us. Polaris Ltd is a public company and is listed on the stock exchange and has numerous shareholders. Polaris Ltd owns significant control over Beta Ltd to the tune of 35% of the issued ordinary shares and the remaining shares of the company are widely held by numerous shareholders who do not own more than 4% of the controlling rights of the company. However, the shareholders have the right to vote on the resolutions as well as electing the directors of the company on the basis of one vote per ordinary share.

However, the current practice is such that the candidates for the post of directors are elected on .general basis and the resolutions for the same are passed invariably since the tradition is such that the all the sundry shareholders are not present every time. Hence the paper analyses the position of the Polaris Ltd as against the requirement of preparing the Consolidated Financial Statements for Beta Ltd and the same is evaluated from the Australian Accounting Standards Board as well as the Corporations Act 2001.

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