Accounts of expenditure and income during construction must be presented to shareholders and profit and loss prepared from incorporation. Section 210 requires companies to render to shareholders an account of expenditure and income incurred or received during construction; such disclosure may be presented under titles like 'Development account' or 'Expenditure during construction account' provided revenue expenditure and income are detailed as required by Part II of Schedule VI. Sub section (3) mandates preparation of a profit and loss account from the date of incorporation so that shareholders receive financial statements covering the construction period.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Accounts of expenditure and income during construction must be presented to shareholders and profit and loss prepared from incorporation.
Section 210 requires companies to render to shareholders an account of expenditure and income incurred or received during construction; such disclosure may be presented under titles like "Development account" or "Expenditure during construction account" provided revenue expenditure and income are detailed as required by Part II of Schedule VI. Sub section (3) mandates preparation of a profit and loss account from the date of incorporation so that shareholders receive financial statements covering the construction period.
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