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of <h1>Companies Act 1956: Section 209 Requires Accurate Financial Records and Compliance for All Companies for Eight Years</h1> Section 209 of the Companies Act, 1956 mandates that every company must maintain proper books of account at its registered office. These records should detail all financial transactions, sales, purchases, assets, liabilities, and specific cost particulars for certain industries. Companies may keep these records elsewhere in India if the Board decides and notifies the Registrar. Branch offices must maintain transaction records and send summarized returns to the main office quarterly. Books must reflect a true and fair view, follow accrual and double-entry systems, and be preserved for at least eight years. Non-compliance can lead to fines or imprisonment for responsible individuals.
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