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of <h1>Section 128: companies must keep true, fair, accessible books of account, preserved eight years, or face fines</h1> Section 128 of the Companies Act, 2013 mandates every company to maintain true and fair books of account and financial statements on an accrual and double entry basis at its registered office, with Board-approved relocation allowed upon notice to the Registrar, including electronic records. Branch offices may keep local books with periodic summaries sent to the registered office. Directors may inspect books in India and copies of overseas financial information, with subsidiary inspection only by Board-authorised persons. Officers must assist inspections. Companies must preserve books and vouchers for at least eight financial years, extendable during investigations. Non-compliance attracts monetary fines on responsible officers.
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