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of <h1>Directors Must Present Financial Statements at Annual Meetings or Face Penalties, Including Imprisonment and Fines.</h1> At every annual general meeting, a company's Board of Directors must present a balance sheet and a profit and loss account, or an income and expenditure account for non-profit companies. The financial year can vary in length but must not exceed fifteen months, extendable to eighteen months with Registrar approval. Directors failing to comply face penalties, including imprisonment up to six months or fines up to ten thousand rupees. Non-directors charged with compliance duties also face similar penalties if they default, with imprisonment applicable only for willful offenses.
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