Company accounting records requirement: firms must maintain true books, permit director inspection, and face penal sanction for wilful breaches. Companies must keep books of account and financial statements at the registered office (or another Indian place notified to the Registrar) on an accrual basis and using a double entry system, including branch transactions; branches may retain proper books if they send periodic summarized returns to the company. Books maintained in India are open to director inspection, subject to board-authorized subsidiary inspection, and officers must assist. Companies must retain books and vouchers in good order for the prescribed preceding years, with government power to extend retention during investigations, and specified officers face criminal and monetary penalties for wilful contraventions.
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Provisions expressly mentioned in the judgment/order text.
Company accounting records requirement: firms must maintain true books, permit director inspection, and face penal sanction for wilful breaches.
Companies must keep books of account and financial statements at the registered office (or another Indian place notified to the Registrar) on an accrual basis and using a double entry system, including branch transactions; branches may retain proper books if they send periodic summarized returns to the company. Books maintained in India are open to director inspection, subject to board-authorized subsidiary inspection, and officers must assist. Companies must retain books and vouchers in good order for the prescribed preceding years, with government power to extend retention during investigations, and specified officers face criminal and monetary penalties for wilful contraventions.
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