True and fair view requirement: financial statements must comply with accounting standards and include consolidated statements for subsidiaries.

Financial statements must present a true and fair view, comply with notified accounting standards and prescribed forms in Schedule III; sectoral exceptions do not negate the requirement. Companies must disclose any deviations from accounting standards with reasons and financial effects. Annual statements must be laid before the general meeting and, where subsidiaries exist, consolidated financial statements in the same form must also be prepared and laid, with prescribed salient-features statements. Government may prescribe consolidation rules and grant exemptions; officers charged with compliance face penalties for contraventions.

---

---

---