Companies Act, 2017

PART-VII

ACCOUNTS OF COMPANIES

Companies Act, 2017 PART-VII ACCOUNTS OF COMPANIES From: 2023-11-01 - To: 0000-00-00 223. Financial Statements.- (1) The board of every company must lay before the company in annual general meeting its financial statements for the period, in the case of first such statements since the incorporation of the company and in any other case since the preceding financial statements, made up to the date of close of financial year adopted by the company. (2) The financial statements must be laid within a period of one hundred and twenty days following the close of financial year of a company: Provided that, in the case of a listed company the Commission, and in any other case the registrar, may, for any special reason, extend the period for a term not exceeding thirty days. (3) Subject to the provision of sub-section (2), the first financial statement must be laid at some date not later than sixteen months after the date of incorporation of the company and subsequently once at least in every calendar year. (4) The period to which the statements aforesaid relate, not being the first, shall not exceed one year except where special permission of the registrar has been obtained. (5) The financial statement shall be audited by the auditor of the company, in the manner hereinafter provided, and the auditor’s report shall be attached thereto: Provided that nothing in this sub-section shall apply to a private company 1[***] having the paid up capital not exceeding one million rupees or such higher amount of paid up capital as may be notified by the Commission. (6) Every company shall send in the form and manner specified audited financial statements together with the auditors’ report, directors’ report and in the case of a listed company the chairman’s review report to every member of the…