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The document outlines the requirements for financial year reporting for companies, specifying that the period for which accounts are submitted should not exceed fifteen months, with possible extensions to eighteen months upon special permission. It also details the penalties for directors who fail to comply with these provisions, which can include imprisonment or fines. A defense is available for directors if they can prove that a competent person was responsible for compliance.

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9 views1 page

Citation 1

The document outlines the requirements for financial year reporting for companies, specifying that the period for which accounts are submitted should not exceed fifteen months, with possible extensions to eighteen months upon special permission. It also details the penalties for directors who fail to comply with these provisions, which can include imprisonment or fines. A defense is available for directors if they can prove that a competent person was responsible for compliance.

Uploaded by

iamaradhya9
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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(b) in the case of any subsequent annual general meeting of the company, to the period beginning

with the day immediately after the period for which the account was last submitted and ending with
a day which shall not precede the day of the meeting by more than six months, or in cases where an
extension of time has been granted for holding the meeting under the second proviso to Sub-section
(1) of Section 166, by more than six months and the extension so granted. (4) The period to which
the account aforesaid relates is referred to in this Act as a "financial year" and it may be less or more
than a calendar year, but it shall not exceed fifteen months: Provided that it may extend to eighteen
months where special permission has been granted in that behalf by the Registrar. (5) If any person,
being a director of a company, fails to take all reasonable steps to comply with the provisions of this
section, he shall, in respect of each offence, be punishable with imprisonment for a term which may
extend to six months, or with fine which may extend to ten thousand rupees, or with both: Provided
that in any proceedings against a person in respect of an offence under this section, it shall be a
defence to prove that a competent and reliable person was charged with the duty of seeing that the
provisions of this section were complied with and was in a position to discharge that duty: Provided
further that no person shall be sentenced to imprisonment for any such offence unless it was
committed wilfully.

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