Business Environment and Law-Accounts, Audit And Prevention Of Oppression And Mis Management

Accounts

   Posted On :  14.05.2018 11:31 pm

The books of account and other books and papers shall be open to inspection during business hours (i) by the Registrar; (ii) by such other officer of the Government as may be authorized by the Central Government in this behalf. (iii) by such officers of the Securities and Exchange Board of India as may be authorized by it.

Accounts:
 
 

Books Of Account To Be Kept By Company (Sec. 209):

 
 
The Act requires every company to maintain at its registered office proper books of account with respect to

1. All receipts and disbursements of money and the matters in respect of which the receipts and disbursements take place;
 
2. All sales and purchases of goods of the company;
 
3. The assets and liabilities of the company, and
 
4. In the case of a company engaged in production, processing, manufacturing or mining activities, such particulars relating to utilisation of material or labour or to other items of cost as may be prescribed by the Central Government in the case of such class of companies. The object of this clause is to make efficiency audit possible.
 

Inspection Of Books Of Account (Sec. 209-A):

 
 
The books of account and other books and papers shall be open to inspection during business hours (i) by the Registrar; (ii) by such other officer of the Government as may be authorized by the Central Government in this behalf. (iii) by such officers of the Securities and Exchange Board of India as may be authorized by it.
 

Statutory Books:

 
 
In addition to the books of account required to be maintained by a company under Sec. 209, the company is also required to maintain some other books with a view to safeguarding the interest of shareholder. Such books are called statutory books and are as follows:
 
1. Register of investments not held in company’s name (open to inspection of members and debenture-holders) [Sec. 49 (7)].

2. Register of charges (open to inspection of all) [Sec.143 (1)].
 
3. Register of members (open to inspection of all) (Sec. 150 (1)).
 
4. Index of members where their number is more than 50 (open to inspection of all) [Sec. 151 (1)].

5. Register of debenture-holders (open to inspection of all) [Sec. 152 (1)].
 
6. Index of debenture-holders where their number is more than 50 (open to inspection of all) [Sec. 152 (2)].

7. Foreign register (and a duplicate) of members and debenture-holders, if any (open to inspection of all) (Sec. 158).

8. Minute books containing minutes of proceedings of general meetings (open to inspection of members) [Sec. 193] (1)].


9. Books of account and annual accounts [Secs. 209 (1) 210].

10. Register of contracts, and companies and firms in which directors are interested (open to inspection of members) [Sec. 301 (1)].

11. Register of directors, managing director, manager and secretary (open to inspection of all) [Sec. 303 (1)].

12. Register of directors’ shareholding (open to inspection of members and debenture-holders during 14 days before and 3 days after the annual general meeting and to the Registrar and the Central Government) [Sec. 307 (1)].

13. Register of loans made, guarantees given or securities provided to companies under the same management (open to inspection of all) [Sec. 370 (1.C)]

Statistical Books:

 
 
In addition to statutory books, there are many other books which are required to be maintained for the proper and efficient running of a company. These books are not only found to be desirable but often indispensable in practice. Some of the important statistical or non-statutory books are as follow:
 
            Share application and allotment book.
 
            Share call book.
 
            Register of share warrants.
 
            Register of share certificates.
 
            Register of share transfers.
 
            Register of lost share certificates.
 
            Register of balance tickets issued.
 
            Register of transfers certified.

            Agenda book.
 
            Register of lists of dividends.
 
            Dividend mandates register.
 
            Register of debenture interest.
 
            Register of documents sealed.
 
            Register of powers of attorney.
 
            Register of probates.
 
            Register of directors’ attendance
 

 

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