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of <h1>Section 211 Companies Act, 1956: Balance Sheet Must Reflect True Financial State; Non-Compliance Leads to Penalties.</h1> Section 211 of the Companies Act, 1956 mandates that a company's balance sheet must present a true and fair view of its financial state as of the end of the fiscal year, adhering to the form specified in Schedule VI, unless otherwise approved by the Central Government. Exceptions apply to insurance, banking, and electricity companies. Profit and loss accounts must also reflect true financial results and comply with Schedule VI. The Central Government can exempt certain companies from these requirements for public interest. Non-compliance with accounting standards requires disclosure of deviations. Violations can lead to fines or imprisonment if committed willfully.
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