: (1) The board of directors of a public company shall prepare the following annual financial statement in the prescribed format at least thirty days before the annual general meeting and in the case of a private company within six months of the end of the financial year. :-
(a) Balance Sheet as on the last date of the financial year,
(b) Account of profit and loss for the financial year,
(c) Statement of cash flow for the financial year.
(2) The annual financial statement prepared according to sub-section (1) shall show the true and real status of the company's business up to the end of the relevant financial year and also show the statement of profit and loss and cash flow during that financial year. Such financial statement should be prepared in the prescribed format according to the prevailing law.
(3) The annual financial statement as per subsection (1) must be approved by the board of directors and audited.
(4) The board of directors of every public company or every private company with a paid-up capital of one crore rupees or more or annual turnover of ten crore rupees or more shall prepare a separate report of the board of directors in addition to the annual financial statement to be prepared as per sub-section (1). In the same period should be prepared:-
(a) Overview of last year's business,
(b) If there is any impact on the business of the company due to national and international circumstances,
(c) The opinion of the board of directors regarding the achievements of the current year and the things to be done in the future up to the date of preparation of the report (d) industrial or commercial relations of the company,
(e) Changes in the Board of Directors and the reasons thereof,
(f) Principal Matters Affecting Business,
(G) Response of the board of directors on the audit report, if any quality is mentioned (h) Amount recommended for distribution of dividend,
(i) If the shares are forfeited, the number of shares forfeited, the strike price of such shares, the total amount received by the company prior to the forfeiture of such shares and thatDetails of the amount received by the company after selling the shares after the forfeiture of the shares and the refund of the forfeited shares,
(j) Review of the progress of the business of the company and its subsidiaries in the previous financial year and the status at the end of that financial year,
(k) Major transactions completed by the company and its subsidiaries during the financial year and any significant changes in the company's transactions during that period,
(l) Information provided to the company by the basic shareholders of the company in the previous financial year (d) Details of ownership of shares held by directors and officers of the company in the previous financial year and the information received by the company from them if they were involved in the company's share trading,
(d) The handling of the information provided about the personal interest of any director and his close relative in the contracts related to the company in the last financial year,
(n) If the company has purchased its shares by itself, the reason for such purchase, the number and strike price of such shares and the amount paid by the company for such purchase of shares,
(p) Whether or not there is an internal control system and, if so, a detailed description of the same,
(th) Details of the total management expenses of the previous financial year,
(d) The list of members of the audit committee, the remuneration, allowances and benefits received by them, the details of the work done by the committee and the details of the committee if any suggestions have been made,
(d) If the director, managing director, executive head, basic shareholder of the company or his close relative or the firm, company or organized organization to which he is involved has yet to pay any amount to the company,
(N) The amount of remuneration, allowances and benefits paid to directors, managing directors, executive heads and officers,
(p) The amount of dividend yet to be paid by the shareholders,
(f) Details of purchase or sale of property in accordance with section 141 (b) Details of transactions between affiliated companies according to section 175,
(B) Board of Directors in accordance with this Act and prevailing lawsAny other matter to be disclosed in the report,
(m) Other essentials.
(5) When preparing the annual financial statement according to sub-section (1), in the case of the year in which the company was established, from the date of establishment to the end of the same financial year and in subsequent years, the accounts of the previous financial year should also be included.
(6) The annual financial statement prepared in accordance with this section shall be kept open so that any shareholder may inspect it.
(7) The annual financial statement and director's report prepared in accordance with this section shall be approved by the board of directors and signed by the chairman of the board of directors and at least one director.
(8) The accounts and annual financial statements prepared by the company in accordance with this paragraph shall be preserved for at least five years from the date of the end of the relevant financial year.
(9) Officials who prepare fake annual financial statements, reports of the board of directors and other statements and reports to be prepared in accordance with this Act and directors who approve them shall be punished in accordance with this Act.