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of <h1>Section 129 ensures true and fair company accounts, consolidated statements, sector exceptions, and penalties for non-compliance</h1> Section 129 of the Companies Act, 2013 mandates that financial statements present a true and fair view, comply with prescribed accounting standards and formats, and be laid before the annual general meeting. Special regimes apply to insurance, banking, electricity, and other statutorily governed companies, whose disclosure requirements are determined by their sectoral laws. Companies with subsidiaries or associate companies must also prepare and present consolidated financial statements and a separate statement of salient features of such entities' accounts. Non-compliance with accounting standards must be disclosed with reasons and financial impact. The Central Government may grant exemptions, and specified officers face imprisonment and fines for contravention.
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