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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Companies Must Maintain Accurate Financial Records for Eight Years, Non-Compliance May Result in Fines or Imprisonment</h1> Every company must maintain books of account and financial statements at its registered office, ensuring they reflect a true and fair view of the company's affairs, including branch transactions, using an accrual and double entry system. Books can be kept elsewhere in India if the Board decides and notifies the Registrar. Electronic record-keeping is allowed. Companies with branch offices must maintain proper records at those branches and send summaries to the registered office. Directors can inspect these records, and employees must assist during inspections. Records must be preserved for at least eight years. Non-compliance by responsible officers can lead to fines or imprisonment.
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