Accounts of Companies 9.1
Chapter 8
Chapter 11
Chapter 12
Chapter 6
Indian Contract Act, 1872 11.1
Contents
Chapter 3
PAGE
Preliminary 1.1
Chapter 5
Management and Administration 7.1
Chapter 2
Incorporation of Company and Matters Incidental thereto 2.1
Chapter 4
Chapter-wise marks distribution I-5 Syllabus I-7
Prospectus and Allotment of Securities 3.1
Acceptance of Deposits by Companies 5.1
Chapter 9
Chapter 10
Audit and Auditors 10.1
The Negotiable Instruments Act, 1881 12.1
Chapter 1
9
Share Capital and Debentures 4.1
Chapter 7
Registration of Charges 6.1
Declaration and Payment of Dividend 8.1
Chapter 13
PAGE
Chapter 14
Interpretation of Statutes 14.1
Past Exam Paper – May 2022 Part II – Descriptive Questions – Suggested Answers P.1
The General Clauses Act, 1897 13.1
9.1
Accounts of Companies
9.1 - Table of Sections and Corresponding Rules Chapter IX of Companies Act, 2013 “Account of Companies” Companies (Accounts) Rules, 2014 Sec.No. Title RuleNo. Title 128 Books of Account, etc., to be kept by Company 2A Notice of address at which books of account are to be maintained 3 Manner of Books of Account to be kept in Electronic Mode 4 Conditions Regarding Maintenance and Inspection of Certain Financial Information by Directors 129 Financial Statement 5 Form of Statement Containing Salient Features of Financial Statements of Subsidiaries 6 Manner of consolidation of accounts 129A Periodical Financial Results 130 Reopening of Accounts on Court’s or Tribunal’s Orders 131 Voluntary Revision of Financial Statements or Board’s Report 132 Constitution of National Financial Reporting Authority 133 Central Government to Prescribe Accounting Standards 134 Financial Statement, Board’s Report, etc. 8 Matters to be included in Board’s Report 8A Matters to be included in Board’s Report for One Person Company and Small Company 135 Corporate Social Responsibility 9 Disclosures About CSR Policy 136 Right of Member to Copies of Audited Financial Statement 10 Statement Containing Salient Features of Financial Statements 11 Manner of Circulation of Financial Statements in Certain Cases 137 Copy of Financial Statement to be Filed with Registrar 12 Filing of Financial Statements and Fees to be Paid thereon 138 Internal Audit 13 Companies Required to Appoint Internal Auditor 9
(2) The books of account and other relevant books and papers maintained in electronic mode shall be retained completely in the format in which they were originally generated, sent or received, or in a format which shall present accurately the information generated, sent or received and the information contained in the electronic records shall remain complete and unaltered.
Rule 3 of the Companies (Accounts) Rules, 2014 provides the manner in which books of account can be maintained in electronic mode. Accordingly,
(1) The books of account and other relevant books and papers maintained in electronic mode shall remain accessible in India so as to be usable for subsequent reference:
The company may keep such books of account or other relevant papers in electronic mode in prescribed manner.
Every company shall prepare and keep at its registered office books of account and other relevant books and papers and financial statement for every financial year which gives a true and fair view of the state of the affairs of the company, including that of its branch office or offices, if any.
Such books shall be kept on accrual basis and according to the double entry system of Allaccounting.oranyof the books of account and other relevant papers may be kept at such other place in India as the Board of Directors may decide and where such a decision is taken, the company shall, within 7 days thereof, file with the Registrar a notice in writing giving the full address of that other place.
Rule 2A of Companies (Accounts) Rules, 2014 - Notice of address at which books of account are to be maintained
Place Keepingof Books of Account – Sec. 128(1)
Meaning of “Book & Paper” and “Book or –Paper”Sec.2(12)
“Books of Account” includes records maintained in respect of: (i) all sums of money received and expended by a company; (ii) all sales and purchases of goods and services by the company; (iii) the assets and liabilities of the company; and (iv) the items of cost as may be prescribed u/s 148 in the case of a company which belongs to any class of companies specified under that section.
Rule 3 of Companies (Accounts) Rules, 2014 - Electronic Form of Books of Account
9.2 - Books of Account, etc., to be kept by Company (Sec. 128)
Meaning of Books –AccountofSec.2(13)
“Book and paper” and “Book or paper” includes books of account, deeds, vouchers, writings, documents, minutes and registers maintained on paper or in electronic form.
For the purposes of the Sec. 128(1), the notice regarding address at which books of account may be kept shall be in Form AOC-5.
Provided that for the financial year commencing on or after the 1st day of April, 2022, every company which uses accounting software for maintaining its books of account, shall use only such accounting software which has a feature of recording audit trail of each and every transaction, creating an edit log of each change made in books of account along with the date when such changes were made and ensuring that the audit trail cannot be disabled.
Accounts of Companies Chapter 9 9.2
Electronic Form of Books of A/c – Proviso to Sec. 128(1)
(6) The back-up of the books of account and other books and papers of the company maintained in electronic mode, including at a place outside India, if any, shall be kept in servers physically located in India on a periodic basis.
Where a company has a branch office in India or outside India, the proper books of account relating to the transactions effected at the branch office may be kept at that office.
Where an inspection is made, the officers and other employees of the company shall give to the person making such inspection all assistance in connection with the inspection which the company may reasonably be expected to give.
(c) the location of the service provider (wherever applicable);
(4) The information in the electronic record of the document shall be capable of being displayed in a legible form.
Keeping Books of Account at –BranchSec.128(2)
(3) The company shall produce such financial information to the director within 15 days of the date of receipt of the written request.
Inspection of Books –AccountofSecs.128(3) & 128(4)
The books of account and other books and papers maintained by the company within India shall be open for inspection at the registered office of the company or at such other place in India by any director during business hours.
Rule 4 of Companies (Accounts) Rules, 2014 - Conditions Regarding Maintenance and Inspection of Certain Financial Information by Directors Companies (Accounts) Rules 2014 requires the following:
In the case of financial information, if any, maintained outside the country, copies of such financial information shall be maintained and produced for inspection by any director subject to such conditions as may be prescribed.
(1) The summarised returns of the books of account of the company kept and maintained outside India shall be sent to the registered office at quarterly intervals, which shall be kept and maintained at the registered office of the company and kept open to directors for inspection.
The inspection in respect of any subsidiary of the company shall be done only by the person authorised in this behalf by a resolution of the Board of Directors.
(5) There shall be a proper system for storage, retrieval, display or printout of the electronic records as the Audit Committee, if any, or the Board may deem appropriate and such records shall not be disposed of or rendered unusable, unless permitted by law.
(d) where the books of account and other books and papers are maintained on cloud, such address as provided by the service provider.
(7) The company shall intimate to the Registrar on an annual basis at the time of filing of financial statement-
(a) the name of the service provider;
(b) the internet protocol address of service provider;
Proper summarized returns periodically are required to be sent by the branch office to the company at its registered office or the other place as decided by Board of Directors.
(3) The information received from branch offices shall not be altered and shall be kept in a manner where it shall depict what was originally received from the branches.
Chapter 9 Accounts of Companies 9.3
(2) Where any other financial information maintained outside the country is required by a director, the director shall furnish a request to the company setting out the full details of the financial information sought, the period for which such information is sought.
(i) Ravi Limited maintained its books of account under Single Entry System of Accounting. Is it permitted under the provisions of the Company Act, 2013?
(iii) Whether a Company can keep books of Account in electronic mode accessible only outside India. [Nov. 19 (6 Marks), MTP-Oct. 20]
HINT: (i) Not Permitted (ii) Refer Sec. 128(6) (iii) No.
Persons responsible for the maintenance of books of account, etc. shall be:
Q. No. 4: Green Limited is a company dealing in trading of spices. It has maintained its books of account under Single Entry System of Accounting. The company has recently hired a new accountant. The new accountant, Mr. Dubey, is doubtful that the accounts can be maintained under Single Entry System. Advise the company whether it is allowed to do so? [MTP-March 21]
Accounts of Companies Chapter 9 9.4
Where an investigation has been ordered in respect of the company, the Central Government (CG) may direct that the books of account may be kept for such longer period as it may deem fit.
(3) Chief Financial Officer, or
In case the aforementioned persons fail to take reasonable steps to secure compliance, they shall in respect of each offence, be punishable with fine which shall not be less than ₹ 50,000 but which may extend to ₹ 5 lakh.
–AccountofSec.128(5)
Q. No. 1: XYZ Ltd. wants to maintain its books of account on cash basis. Is this a valid act of XYZ?
Q. No. 3: Answer the following:
Q. No. 2: The registered office of the company is situated in a classified backward area of Maharashtra. The Board wants to keep its books of account at its corporate office in Mumbai which is conveniently located. The Board seeks your advice about the feasibility of maintaining the accounting records at a place other than the registered office of the company. Advise.
–contraventionforSec.128(6)
(ii) State the person responsible for complying with the provisions regarding maintenance of Books of Account of a company. [MTP-March 21, Oct. 21]
HINT: Refer Sec. 128(1). Maintenance of books of account under Single Entry System of Accounting is not permitted.
(4) Any other person of a company charged by the Board with the duty of complying with the provisions of this section.
ResponsiblePersons for compliance and penalty
(1) Managing director,
Important Questions
(4) The financial information required shall be sought for by the director himself and not by or through his power of attorney holder or agent or representative.
(2) Whole-time director in charge of finance,
The books of account of every company relating to a period of not less than 8 financial years immediately preceding a financial year, or where the company had been in existence for a period less than 8 years, in respect of all the preceding years together with the vouchers relevant to any entry in such books of account shall be kept in good order.
HINT: Refer Sec. 128(1). XYZ Ltd. cannot maintain its books of account on cash basis.
HINT: Refer Sec. 128(1). Board is empowered to keep its books of account at its corporate office in Mumbai by following the prescribed procedure.
Preservation of Books
(ii) a profit and loss account, or in the case of a company carrying on any activity not for profit, an income and expenditure account for the financial year;
True and Fair View
Where a company or body corporate, which is a holding company or a subsidiary or associate company of a company incorporated outside India and is required to follow a different financial year for consolidation of its accounts outside India, the Central Government may, on an application made by that company or body corporate in such form and manner as may be prescribed, allow any period as its financial year, whether or not that period is a year.
Q. No. 5: Adil is a student of CA Intermediate. His friend (who is also in CA Intermediate) has approached him to explain to him the provisions of the Companies Act, 2013, on the following:
Definition of Financial Year – Sec. 2(41)
The financial statements shall not be treated as not disclosing a true and fair view of the state of affairs of the company, merely by reason of the fact that they do not disclose:
[MTP-April 22]
The financial statement, with respect to One Person Company, small company, dormant company and private company (if such private company is a start up and has not committed a default in filing its financial statements u/s 137 of the said Act or annual return u/s 92 of the said Act with the Registrar), may not include the cash flow statement.
(ii) Period of preservation of books of account.
(iii) cash flow statement for the financial year;
The financial statements shall give a true and fair view of the state of affairs of the company, comply with the AS notified u/s 133, and be in the form as provided in Schedule III. These provisions shall not apply to any insurance/banking/Electricity/other companies for which a form of financial statement has been specified in or under the Act governing such class of company.
Form –StatementsFinancialofSec.129(1)
(a) in the case of an insurance company, any matters which are not required to be disclosed by the Insurance Act, 1938, or the IRDA Act, 1999;
Point to remember
Financial statement in relation to a company, includes-
Definition of –StatementFinancialSec.2(40)
(v) any explanatory note annexed to, or forming part of, documents mentioned above.
9.3 - Financial Statement (Sec. 129)
Chapter 9 Accounts of Companies 9.5
(i) a balance sheet as at the end of the financial year;
Financial year, in relation to any company or body corporate, means the period ending on the 31st day of March every year, and where it has been incorporated on or after the 1st day of January of a year, the period ending on the 31st day of March of the following year, in respect whereof financial statement of the company or body corporate is made up.
(i) Inspection of books of account and other books and papers of the company.
HINT: (i) Refer Secs. 128(3) and 128(4). (ii) Refer Sec, 128(5).
(iv) a statement of changes in equity, if applicable; and
Point to remember
At every AGM of a company, the Board of Directors of the company shall lay before such meeting financial statements for the financial year.
(b) in the case of a banking company, any matters which are not required to be disclosed by the Banking Regulation Act, 1949;
–StatementsFinancialConsolidatedSec.129(3) & 129(4)
Accounts of Companies Chapter 9 9.6
Rule 6 of Companies (Accounts) Rules, 2014 – Manner of consolidation of accounts
Company is also required to attach along with its financial statement, a separate statement containing the salient features of the financial statement of its subsidiary or subsidiaries in prescribed Form (Rule 5 of Companies (Accounts) Rules, 2014 prescribes Form AOC-1 for this Centralpurpose).Government may provide for the consolidation of accounts of companies in such manner as may be prescribed.
Division I deal with Financial Statements for a company whose Financial Statements are required to comply with the Companies (Accounting Standards) Rules, 2006.
Division II deals with Financial Statements for a company whose Financial Statements are drawn up in compliance of the Companies (Indian Accounting Standards) Rules, 2015.Division
Where a company has one or more subsidiaries or associate companies, it shall, in addition to financial statements, prepare a consolidated financial statement of the company and of all the subsidiaries and associate companies in the same form and manner as that of its own and in accordance with applicable accounting standards, which shall also be laid before the AGM of the company along with the laying of its financial statement.
III deals with Financial Statements for a Non-Banking Financial Company (NBFC) whose Financial Statements are drawn up in compliance of the Companies (Indian Accounting Standards) Rules, 2015.
ProvisoSecond
Nothing in this rule shall apply in respect of preparation of consolidated financial statements by a company if it meets the following conditions:
(c) in the case of a company engaged in the generation or supply of electricity, any matters which are not required to be disclosed by the Electricity Act, 2003;
The provisions of this Act applicable to the preparation, adoption and audit of the financial statements of a holding company shall, mutatis mutandis, apply to the consolidated F.S.
Laying F.S. in –AGMSec. 129(2)
The consolidation of financial statements of the company shall be made in accordance with the provisions of Schedule III of the Act and the applicable AS.
(d) in the case of a company governed by any other law for the time being in force, any matters which are not required to be disclosed by that law.
Point to remember
First Proviso In case of a company covered u/s 129(3), which is not required to prepare consolidated financial statements under the Accounting Standards, it shall be sufficient if the company complies with provisions on consolidated financial statements provided in Schedule III of the Act.
The Schedule III to the Companies Act, 2013 has been divided into 3 divisions vide notification dated 11-10-2018.
(i) it is a wholly-owned or a partially-owned subsidiary of another company and all its other members, including those not otherwise entitled to vote, having been intimated in writing and for which the proof of delivery of such intimation is available with the company, do not object to the company not presenting consolidated financial statements;
Important Question
Where the financial statements of a company do not comply with the accounting standards, the company shall disclose in its financial statements the following: the deviation from the accounting standards, the reasons for such deviation, and the financial effects, if any, arising out of such deviation.
–contraventionforSec.129(7)
ResponsiblePersons for compliance and penalty
(ii) it is a company whose securities are not listed or are not in the process of listing on any stock exchange, whether in India or outside India; and
–StandardsAccountingwithcomplianceNon-Sec.129(5)
(iii) its ultimate or any intermediate holding company files consolidated financial statements with the Registrar which are in compliance with the applicable Accounting Standards.
Chapter 9 Accounts of Companies 9.7
In the absence of any of the officers mentioned above, all the directors will be responsible. Penalty for non-compliance shall be: imprisonment for a term which may extend to one year, or fine ranging from ₹ 50,000 to ₹ 5 lakh, or both imprisonment and fine.
Q. No. 6: Diya Limited, incorporated under the provisions of under the provisions of the Companies Act, 2013, has two subsidiaries - Jai Limited and Vijay Limited. All the three companies have prepared their financial statements for the year ended on 31st March, 2022. Examining the provisions of the Companies Act, 2013, explain in what manner the subsidiaries – Jai Limited and Vijay Limited shall prepare their Balance Sheet and Statement of Profit & Loss? [Dec. 21 (3 Marks)]
HINT: Refer Sec. 129(3).
The Central Government may, on its own or on an application by a class or classes of companies, by notification, exempt any class or classes of companies from complying with any of the requirements of this section or the rules made there under, if it is considered necessary to grant such exemption in the public interest.
Persons responsible for the ensuring compliance of this section are:
(4) Any other person charged by the Board with the duty of complying with the requirements of this section
Any such exemption may be granted either unconditionally or subject to such conditions as may be specified in the notification.
(1) Managing Director, (2) Whole-time Director in charge of Finance, (3) Chief Financial Officer or
–compliancefromExemptionSec.129(6)
130(1)–thebeforeRequirementpassingorderProvisotoSec.
– Sec. 130(1)
Important Question
Q. No. 7: XYZ Ltd. received a communication from Central Government for preparation of periodical financial results and complete audit or limited review of such periodical financial results. The Board of Directors have raised an objection on the ground that as, it is an unlisted company, periodical financial results need not to be prepared. Examine, referring the provisions of the Companies Act, 2013, in this regard. [May 22 (4 Marks)]
The court or the Tribunal, as the case may be, shall give notice to the C.G., the Income-tax authorities, the SEBI or any other statutory regulatory body or authority concerned or any other person concerned AND shall take into consideration the representations, if any, made by that Government or the authorities, SEBI or the body or authority concerned or any other person concerned before passing any order under this section.
HINT: Refer Sec. 129A. Objection of the Board of Directors is not tenable as provisions of Sec. 129A relating to periodical financial results are applicable in case of unlisted companies.
(a) to prepare the financial results of the company on such periodical basis and in such form as may be prescribed;
Status –accountRevisedofSec.130(2)
9.5 - Reopening of Accounts on Court’s or Tribunal Order (Sec. 130)
9.4 - Periodical Financial Results (Sec. 129A)
Sec. 129A
Order is made by a court of competent jurisdiction or the Tribunal to the effect that:
(ii) the affairs of the company were mismanaged during the relevant period, casting a doubt on the reliability of financial statements.
The accounts so revised or recasted u/s 130(1) shall be final.
an order is made by a court of competent jurisdiction or the Tribunal. Nature of order made by Court or Tribunal
– Sec. 130(1)
The C.G. may, require such class or classes of unlisted companies, as may be prescribed:
A company shall not reopen its books of account AND not recast its financial statements, unless an application in this regard is made by the Central Government, the Income-tax authorities, the SEBI, any other statutory regulatory body or authority or any person concerned AND
Accounts of Companies Chapter 9 9.8
(b) to obtain approval of the Board of Directors and complete audit or limited review of such periodical financial results in such manner as may be prescribed; and
(c) file a copy with the Registrar within a period of 30 days of completion of the relevant period with such fees as may be prescribed.
Order by Court or Tribunal
(i) the relevant earlier accounts were prepared in a fraudulent manner; or
Q. No. 8: The Tribunal has ordered the reopening of the accounts of MIT Ltd. The directors of the company has approached you to explain to them the provisions of the Companies Act, 2013 in respect of the reopening of accounts on court’s or Tribunal’s order. [MTP-Oct. 18]
If it appears to the directors of a company that: (a) the financial statement of the company; or (b) the report of the Board, do not comply with the provisions of section 129 or section 134, they may prepare revised financial statement or a revised report, in respect of any of the 3 preceding financial years after obtaining approval of the Tribunal on an application made by the company in such form and manner as may be prescribed and a copy of the order passed by the Tribunal shall be filed with the Registrar.
Important Questions
HINT: Refer Sec. 130. Application filed by the Income Tax Authorities to NCLT is valid, its recommendation for reopening and recasting of financial statements for the period earlier than 8 financial years immediately preceding the current financial year i.e. 2022-23, is invalid.
9.6 - Voluntary revision of financial statements or Board’s report (Sec. 131)
(ii) Number of Times of revision: Such revised financial statement or report shall not be prepared or filed more than once in a financial year.
Limits –RevisionofSec.131(2)
HINT: Refer Sec. 130.
9.9
Period for which order as to reopening of books accountofmay be –passedSec.130(3)
(iii) Disclosure of reasons for revision: Detailed reasons for revision of such financial statement or report shall also be disclosed in the Board's report in the relevant financial year in which such revision is being made.
No order shall be made u/s 130(1) in respect of reopening of books of account relating to a period earlier than 8 financial years immediately preceding the current financial year. However, where a direction has been issued by the C.G. under the proviso to Sec. 128(5) for keeping of books of account for a period longer than 8 years, the books of account may be ordered to be reopened within such longer period.
Accounts of Companies
Where copies of the previous financial statement or report have been sent out to members or delivered to the Registrar or laid before the company in general meeting, the revisions must be confined to-
Q. No. 9: The Income Tax Authorities in the current financial year 2022-23 observed, during the assessment proceedings, a need to reopen the accounts of Chetan Ltd. for the financial year 201112 and, therefore, filed an application before the National Company Law Tribunal (NCLT) to issue the order to Chetan Ltd. for reopening of its accounts and recasting the financial statements for the financial year 2011-12. Examine the validity of the application filed by the Income Tax Authorities to NCLT. [May 19 (3 Marks); MTP-Oct. 20, Nov. 21; RTP- May 21]
–withtoRequirementsbecompliedSec.131(1)
(i) Serving of Notice by Tribunal: Tribunal shall give notice to the Central Government and the Income Tax Authorities and shall take into consideration the representations, if any, made by that Government or the authorities before passing any order u/s 131(1).
–andmayBoard’sinCircumstanceswhichF.S.orReportberevisedConditionsSec.131(1)
Chapter 9
The terms and conditions and the manner of appointment of the chairperson and members shall be such as may be prescribed.
Accounts of Companies Chapter 9 9.10
–ofConstitutionNFRASec.132(1)
(a) make different provisions according to which the previous financial statement or report are replaced or are supplemented by a document indicating the corrections to be made;
Functions of –NFRASec132(2)
(d) perform such other functions relating to clauses (a), (b) and (c) as may be prescribed.
9.7 - Constitution of National Financial Reporting Authority (Sec. 132)
The chairperson and members shall make a declaration to the Central Government in the prescribed form regarding no conflict of interest or lack of independence in respect of his or their appointment.
(b) make provisions with respect to the functions of the company's auditor in relation to the revised financial statement or report;
The C.G. may make rules as to the application of the provisions of this Act in relation to revised financial statement or a revised director's report and such rules may, in particular:
Notwithstanding anything contained in any other law for the time being in force, the NFRA shall:
(a) the correction in respect of which the previous financial statement or report do not comply with the provisions of Sec. 129 or Sec. 134; and
–byFunctioningNFRASec.132(1A)
(a) make recommendations to the Central Government on the formulation and laying down of accounting and auditing policies and standards for adoption by companies or class of companies or their auditors, as the case may be;
(c) oversee the quality of service of the professions associated with ensuring compliance with such standards, and suggest measures required for improvement in quality of service and such other related matters as may be prescribed; and
Q. No. 10: The directors of Element Ltd. want to voluntary revise the financial statements of the company. They have approached you to state to them the provisions of the Companies Act, 2013 regarding voluntary revision of financial statements. [MTP-March 18, RTP-Nov. 18]
Important Question
(b) the making of any necessary consequential alternation.
The National Financial Reporting Authority shall perform its functions through such divisions as may be prescribed.
– Sec. 131(3)
(c) require the directors to take such steps as may be prescribed.
HINT: Refer Sec. 131 of the Companies Act, 2013.
The Central Government may, by notification, constitute a National Financial Reporting Authority (NFRA) to provide for matters relating to accounting and auditing standards under this Act.
(b) monitor and enforce the compliance with accounting standards and auditing standards in such manner as may be prescribed;
–ofCompositionNFRASec.132(3)
Power of C.G. to frame Rules
The NFRA shall consist of a chairperson, who shall be a person of eminence and having expertise in accountancy, auditing, finance or law to be appointed by the Central Government and such other members not exceeding 15 consisting of part-time and fulltime members as may be prescribed.
Chapter 9 Accounts of Companies 9.11
To exercise of powers of Civil Court
NFRA shall have the power to investigate, either suo moto or on a reference made to it by the Central Government, for such class of bodies corporate or persons, in such manner as may be prescribed into the matters of professional or other misconduct committed by any member or firm of chartered accountants, registered under the Chartered Accountants Act, 1949:
Sec. 132(3A) Each division of the NFRA shall be presided over by the Chairperson or a fulltime Member authorised by the Chairperson.
Powers of –NFRASec. 132(4) To AccountantsCharteredconductInvestigateof
For the purposes of Sec. 132(4), the expression "professional or other misconduct" shall have the same meaning assigned to it u/s 22 of the Chartered Accountants Act, 1949.
NFRA shall have the same powers as are vested in a civil court under the Code of Civil Procedure, 1908, while trying a suit, in respect of the following matters, namely:
The chairperson and members, who are in full-time employment with NFRA shall not be associated with any audit firm (including related consultancy firms) during the course of their appointment and 2 years after ceasing to hold such appointment.
Where professional or other misconduct is proved, NFRA shall have the power to make order for:
(iii) inspection of any books, registers and other documents of any person referred to in clause (b) at any place;
(ii) summoning and enforcing the attendance of persons and examining them on oath;
(A) imposing penalty of:
(II) not less than ₹ 5 lakh, but which may extend to 10 times of the fees received, in case of firms;
(II) performing any valuation as provided under section 247, for a minimum period of 6 months or such higher period not exceeding 10 years as may be determined by the NFRA.
Sec. 132(3B) There shall be an executive body of the NFRA consisting of the Chairperson and full-time Members of such Authority for efficient discharge of its functions u/s 132(2) and 132(4).
(i) discovery and production of books of account and other documents, at such place and at such time as may be specified by the NFRA;
Points to remember
Provided that no other institute or body shall initiate or continue any proceedings in such matters of misconduct where the NFRA has initiated an investigation under this section.
Power misconductandprofessionalcasespenaltyimposetoinofother
(B) debarring the member or the firm from:
(I) being appointed as an auditor or internal auditor or undertaking any audit in respect of financial statements or internal audit of the functions and activities of any company or body corporate; or
(iv) issuing commissions for examination of witnesses or documents.
(I) not less than ₹ 1 lakh, but which may extend to 5 times of the fees received, in case of individuals; and
Accounts of Companies Chapter 9 9.12
NFRA Rules, 2018 In exercise of the powers conferred under sub-sections (2) and (4) of section 132 of the Companies Act, 2013, the C.G. made the National Financial Reporting Authority Rules, 2018 (NFRA Rules). Salient provisions of these rules are:
Rule 3 Classes of companies and bodies corporate governed by the Authority
The NFRA shall meet at such times and places and shall observe such rules of procedure in regard to the transaction of business at its meetings in such manner as may be prescribed.
againstAppeal order of NFRA
–ofAppointmentstaffSec.132(11)
– Sec. 132(5)
Meetings of –NFRASec. 132(10)
The accounts of the NFRA shall be audited by the C & AG of India at such intervals as may be specified by him and such accounts as certified by the C & AG of India together with the audit report thereon shall be forwarded annually to the Central Government by the NFRA.
Annual Report of NFRA
(b) unlisted public companies having paid-up capital of not less than ₹ 500 crores or having annual turnover of not less than ₹ 1,000 crores or having, in aggregate, outstanding loans, debentures and deposits of not less than ₹ 500 crores as on the 31st March of immediately preceding financial year;
The NFRA shall prepare in such form and at such time for each financial year as may be prescribed its annual report giving a full account of its activities during the financial year and forward a copy thereof to the Central Government and the Central Government shall cause the annual report and the audit report given by the C & AG of India to be laid before each House of Parliament.
(1) The Authority shall have power to monitor and enforce compliance with accounting standards and auditing standards, oversee the quality of service u/s 132(2) or undertake investigation u/s 132(4) of the auditors of the following class of companies and bodies corporate, namely:
Any person aggrieved by any order of the NFRA under clause (c) of Sec. 132(4), may prefer an appeal before the Appellate Tribunal in such manner and on payment of such fee as may be prescribed.
(a) companies whose securities are listed on any stock exchange in India or outside India;
The head office of the NFRA shall be at New Delhi and the NFRA may, meet at such other places in India as it deems fit.
The C.G. may appoint a secretary and such other employees as it may consider necessary for the efficient performance of functions by the NFRA under this Act and the terms and conditions of service of the secretary and employees shall be such as may be prescribed.
Audit of Accounts of - Sec. 132 (14)
– Sec 132(15)
-accountsofMaintenancebooksofSec.132(13)
–LocationSec.132(12)
The NFRA shall cause to be maintained such books of account and other books in relation to its accounts in such form and in such manner as the Central Government may, in consultation with the C & AG of India prescribe.
2013: National
(e) a body corporate incorporated or registered outside India, which is a subsidiary or associate company of any company or body corporate incorporated or registered in India as referred to in clauses (a) to (d), if the income or net worth of such subsidiary or associate company exceeds 20% of the consolidated income or consolidated net worth of such company or the body corporate, as the case may be, referred to in clauses (a) to (d).
Rule 13
Reporting Authority (NFRA).
(2) Every body corporate, other than a company as defined in clause (20) of section 2, formed in India and governed under this rule shall, within 15 days of appointment of an auditor u/s 139(1), inform the Authority in Form NFRA-1, the particulars of the auditor appointed by such body corporate.
Important Question
prescribe the standards
Q. reference to Companies Act, Financial [Nov. 20 (3 Marks)]
HINT: Refer Sec. 132.
(c) insurance companies, banking companies, companies engaged in the generation or supply of electricity, companies governed by any special Act for the time being in force or bodies corporate incorporated by an Act in accordance with clauses (b), (c), (d), (e) and (f) of sub-section (4) of section 1 of the Act;
Chapter 9 Accounts of Companies 9.13
No. 11: Explain the following in brief with
The CG may of accounting or any addendum thereto, as recommended by the ICAI, in made by the NFRA.
Punishment in case of non-compliance
9.8 - Central Government to prescribe Accounting Standards (Sec. 133)
(3) A company or a body corporate other than a company governed under this rule shall continue to be governed by the Authority for a period of 3 years after it ceases to be listed or its paid-up capital or turnover or aggregate of loans, debentures and deposits falls below the limit stated therein.
(d) any body corporate or company or person, or any class of bodies corporate or companies or persons, on a reference made to the Authority by the Central Government in public interest; and
Approval by –BODSec. 134(1)
Whoever contravenes any of the provisions of these rules, shall be punishable with fine not exceeding ₹ 5,000, and where the contravention is a continuing one, with a further fine not exceeding ₹ 500 for every day after the first during which the contravention continues.
consultation with and after examination of the recommendations
9.9 – Financial Statement, Board’s Report, etc. (Sec. 134)
The financial statement, including consolidated financial statement, if any, shall be approved by the BoD before they are being signed.
Signing of –StatementsFinancialSec.134(1)
12. the amount, if any, which it recommends should be paid by way of dividend;
Financial Statements including Consolidated Financial Statements before submission to the auditor for his report thereon, shall be signed, on behalf of the Board by the: chairperson of the company where he is authorised by the Board or by two directors out of which one shall be managing director, if any; and the Chief Executive Officer, the Chief Financial Officer and the Company Secretary of the company, wherever they are appointed.
11. the amounts, if any, which it proposes to carry to any reserves;
Note: This reporting not required in case of government companies engaged in producing defence equipment.
15. a statement indicating development and implementation of a risk management policy for the company including identification therein of elements of risk, if any, which in the opinion of the Board may threaten the existence of the company;
13. material changes and commitments, if any, affecting the financial position of the company which have occurred between the end of the financial year of the company to which the financial statements relate and the date of the report;
–reportAuditor’sSec.134(2)
Attachment of
5. a statement on declaration given by independent director’s u/s 149(6);
–ReportBoard’sSec.134(3)
16. the details about the policy developed and implemented by the company on corporate social responsibility initiatives taken during the year;
9. particulars of contracts or arrangements with related parties referred to in Sec. 188(1) in the prescribed form (Rule 8(2) of Companies (Accounts) Rules, 2014 prescribes Form AOC2 for this purpose);
2. number of meetings of the Board;
3. Directors’ Responsibility Statement;
(i) by the auditor in his report; and
10. the state of the company’s affairs;
Note: This reporting not required in case of a government company.
7. explanations or comments by the Board on every qualification, reservation or adverse remark or disclaimer made:
The auditors’ report shall be attached to every financial statement.
(ii) by the company secretary in practice in his secretarial audit report;
4. details in respect of frauds reported by auditor’s u/s 143(12) other than those which are reportable to the Central Government;
14. the conservation of energy, technology absorption, foreign exchange earnings and outgo, in such manner as may be prescribed (Refer Rule 8(3) of Companies (Accounts) Rules, 2014);
In the case of a One Person Company, only by one director.
Accounts of Companies Chapter 9 9.14
6. in case of a company covered u/s 178(1), company’s policy on directors’ appointment and remuneration including criteria for determining qualifications, positive attributes, independence of a director and other matters provided u/s 178(3);
There shall be attached to statements laid before a company in general meeting, a report by its Board of Directors, which shall include:
8. particulars of loans, guarantees or investments u/s 186;
1. the web address, if any, where annual return referred to in Sec. 92(3) has been placed;
(xi) a statement that the company has complied with provisions relating to the constitution of Internal Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013;
(v) the names of companies which have become or ceased to be its Subsidiaries, joint ventures or associate companies during the year;
(iii) the details of directors or KMP who were appointed or have resigned during the year;
18. such other matters as may be prescribed (Refer Rule 8(5) of Company (Accounts) Rules, 2014).
(3) at the end of the year;
(vii) the details of deposits which are not in compliance with the requirements of Chapter V of the Act;
(ii) the change in the nature of business, if any;
(b) remained unpaid or unclaimed as at the end of the year;
(iv) a statement regarding opinion of the Board with regard to integrity, expertise and experience (including the proficiency) of the independent directors appointed during the year;
17. in case of a listed company and every other public company having such paid-up share capital as may be prescribed (Rule 8(4) of Companies (Accounts) Rules, 2014 prescribed paid up share capital of ₹ 25 Crores or more calculated at the end of the preceding financial year for this purpose), a statement indicating the manner in which formal annual evaluation of the performance of the Board, its committees and of individual directors has been made; Note: This reporting is not required, in case the directors are evaluated by the Ministry or Department of the C.G. which is administratively in charge of the company, or, as the case may be, the S.G., as per its own evaluation methodology;
Rule 8(5) of Companies (Accounts) Rules, 2014 – Other Matters to be contained in Board’s report
Chapter 9 Accounts of Companies 9.15
The report of the Board shall also contain -
(i) the financial summary or highlights;
(2) maximum during the year;
(ix) the details in respect of adequacy of internal financial controls with reference to the Financial Statements;
(1)involved:atthe beginning of the year;
(x) a disclosure, as to whether maintenance of cost records as specified by the Central Government u/s 148(1) of the Companies Act, 2013, is required by the Company and accordingly such accounts and records are made and maintained;
(xii) the details of application made or any proceeding pending under the IBC, 2016 during the year along with their status as at the end of the financial year;
(viii) the details of significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and company’s operations in future;
(xiii) the details of difference between amount of the valuation done at the time of one time settlement and the valuation done while taking loan from the Banks or Financial Institutions along with the reasons thereof.
(c) whether there has been any default in repayment of deposits or payment of interest thereon during the year and if so, number of such cases and the total amount
(vi) the details relating to deposits, covered under Chapter V of the Act, (a) accepted during the year;
The Directors’ Responsibility Statement shall state the following:
(c) That the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;
(f) That the directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
The Board’s report and any annexures thereto u/s 134(3) shall be signed by its chairperson of the company if he is authorised by the Board and where he is not so authorised, shall be signed by at least 2 directors, one of whom shall be a managing director, or by the director where there is one director.
(d) That the directors had prepared the annual accounts on a going concern basis;
–StatementResponsibilityDirector’sSec.134(5)
(a) That in the preparation of the annual accounts, the applicable AS had been followed along with proper explanation relating to material departures;
(b) That the directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit and loss of the company for that period;
(e) That the directors, in the case of a listed company, had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively.
Rule 8(6) of Companies (Accounts) Rules, 2014 provides that Rule 8 shall not apply to One Person Company or Small Company.
Rule 8(1) of Companies (Accounts) Rules, 2014 provides that the Board’s Report shall be prepared based on the standalone financial statements of the company and shall report on the highlights of performance of subsidiaries, associates and joint venture companies and their contribution to the overall performance of the company during the period under report.
The C.G. may prescribe an abridged Board's report, for the purpose of compliance with this section by One Person Company or small company
–ReportBoard’sAbridgedSec.134(3A)
The report of the Board of Directors to be attached to the financial statement under this section shall, in case of a OPC, mean a report containing explanations or comments by the Board on every qualification, reservation or adverse remark or disclaimer made by the auditor in his report.
Accounts of Companies Chapter 9 9.16
Internal financial controls: The policies and procedures adopted by the company for ensuring the orderly and efficient conduct of its business, including adherence to company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information;
Where disclosures referred to in Sec. 134(3) have been included in the financial statements, such disclosures shall be referred to instead of being repeated in the Board's report.
Signing of –ReportBoard’sSec.134(6)
Points to remember
reportBoard’sin case of OPC – Sec. 134(4)
Q. No. 15: State any four contents of a Directors Responsibility Statement as required under Section 134 of the Companies Act, 2013. [May 18 (4 Marks)]
HINT: Refer Sec. 134(1).
HINT: Refer Sec. 134(1). (i) Authentication done by two directors is not valid. (ii) Authentication is in order.
Referring to the provisions of the Companies Act, 2013:
A signed copy of every financial statement, including consolidated financial statement, if any, shall be issued, circulated or published along with a copy each of: (a) any notes annexed to or forming part of such financial statement; (b) the auditor’s report; and (c) the Board’s report referred to in Sec. 134(3).
If a company is in default in complying with the provisions of this section, the company shall be liable to a penalty of ₹ 3 lakh and every officer of the company who is in default shall be liable to a penalty of ₹ 50,000.
The Companies Act, 2013 has prescribed an additional duty on the Board of directors to include in the Board's Report a Directors' Responsibility Statement'. Briefly explain any three matters to be furnished in the said statement. [Dec. 21 (3 Marks)]
(ii) What would be your answer in case the company is a One Person Company (OPC) and has only one Director, who has authenticated the Balance Sheet and St atement of Profit & Loss and the Board’s Report?
Q. No. 14: Altar Limited has on its Board, four Directors viz. W, X, Y and Z. In addition, the company has Mr. D as the Managing Director. The company also has a full time Company Secretary, Mr. Wise, on its rolls. The financial statements of the company for the year ended on 31st March, 2022 were authenticated by two of the directors, Mr. X and Y under their signatures.
Q. No. 13: ABC company is a One Person Company and has only one director. Who shall authenticate the balance sheet and statement of profit & loss and the Board ‘s report?
HINT: Refer Sec. 134(5).
Or
Penalty –ContraventionforSec.134(8)
HINT: Refer Secs. 129(2) and 134(7). Act of ABC Ltd, is not tenable as unaudited accounts cannot be sent to members or unaudited accounts cannot be filed with the Registrar.
Important Questions
Q. No. 16: Yellow Limited has prepared its financial statements for the year 2022-23. Mr. Prateek, the Managing director of the company is declining to sign these financial statements on the grounds that it is only the duty of the Board of the Directors to sign the financial statements as approved by the Board and he is not liable to sign the same. Now, Mr. Prateek has approached you to advise him regarding his responsibility for signing the financial statement. Advise Mr. Prateek regarding his responsibility for signing the financial statements as per the provisions of the Companies Act, 2013.
[RTP-May 18, MTP-May 20]
Chapter 9 Accounts of Companies 9.17 Documents to –statementsfinancialaccompanySec.134(7)
Q. No. 12: The Board of Directors of ABC Ltd. wants to circulate unaudited accounts before the Annual General Meeting of the shareholders of the Company. Whether such an act of ABC Ltd. is tenable?
(i) Examine the validity of the authentication of the Balance Sheet and Statement of Profit & Loss and the Board’s Report.
HINT: Refer Sec. 134(1). Board has not authorised the chairperson of the company to sign the financial statements. Hence, the financial statement shall be signed by two directors out of which one shall be managing director.
(i) The Board as a policy does not authorise the chairperson of the company to sign the financial statements.
Q. No. 17: The Board of Directors of Vishwakarma Electronics Limited consists of Mr. Ghanshyam, Mr. Hyder (Directors) and Mr. Indersen (Managing Director). The company has also employed a full time Secretary. The Profit and Loss Account and Balance Sheet of the compa ny were signed by Mr. Ghanshyam and Mr. Hyder. Examine whether the authentication of financial statements of the company was in accordance with the provisions of the Companies Act, [RTP-May2013?20,Jan. 21 (3 Marks)]
HINT: Refer Sec. 134(1). Mr. Indersen, the Managing Director should be one of the two signing directors. Since the company has also employed a full time Secretary, he should also sign the Balance Sheet and Profit and Loss Account.
Mr. Prateek has also provided to you the following more information:
(a) such research and development activities shall be carried out in collaboration with any of the institutes or organisations mentioned in item (ix) of Schedule VII to the Act;
(iv) activities benefitting employees of the company as defined in clause (k) of section 2 of the Code on Wages, 2019;
(ii) The company has appointed Ms. Sunanina as its Company Secretary. [RTP-Nov. 19]
(vi) activities carried out for fulfilment of any other statutory obligations under any law in force in India.
(v) activities supported by the companies on sponsorship basis for deriving marketing benefits for its products or services;
(i) activities undertaken in pursuance of normal course of business of the company: Provided that any company engaged in research and development activity of new vaccine, drugs and medical devices in their normal course of business may undertake research and development activity of new vaccine, drugs and medical devices related to COVID-19 for financial years 2020-21, 2021-22, 2022-23 subject to the conditions that:
Accounts of Companies Chapter 9 9.18
9.10 - Corporate Social Responsibility (Sec. 135)
Meaning of CSR Rule 2(1)(d) of the Companies (Corporate Social Responsibility Policy) Rules, 2014 defines the term “Corporate Social Responsibility (CSR)” so as to mean the activities undertaken by a Company in pursuance of its statutory obligation laid down in Sec. 135 of the Act in accordance with the provisions contained in these rules, but shall not include the following, namely:
(b) details of such activity shall be disclosed separately in the Annual report on CSR included in the Board’s Report;
(ii) any activity undertaken by the company outside India except for training of Indian sports personnel representing any State or Union territory at national level or India at international level;
(iii) contribution of any amount directly or indirectly to any political party under section 182 of the Act;
Turnover as defined by Sec. 2(91) means the gross amount of revenue recognised in the profit and loss account from the sale, supply, or distri bution of goods or on account of services rendered, or both, by a company during a financial year.
Points to remember
A private company having only 2 directors on its Board shall constitute its CSR Committee with 2 such directors;
The CSR Committee shall consist of 3 or more directors, out of which at least one director shall be an independent director:
Requirement of CSR Committee
Sec. 135(1) Every company having net worth of ₹ 500 crore or more, or turnover of ₹ 1,000 crore or more or net profit of ₹ 5 crore or more during the immediately preceding financial year shall constitute a Corporate Social Responsibility Committee of the Board.
(1) Every company including its holding or subsidiary, and a foreign company defined u/s 2(42) having its branch office or project office in India, which fulfils the criteria specified in Sec. 135(1) shall comply with the provisions of Sec. 135 of the Act and these rules: Provided that net worth, turnover or net profit of a foreign company shall be computed in accordance with balance sheet and Profit and loss account of such co mpany prepared in accordance, with the provisions of Sec. 381(1)(a) and Sec. 198 of the Act.
Rule 5(1) of The Companies (CSR Policy) Rules, 2014
A company covered u/s 135(1) which is not required to appoint an independent director pursuant to Sec. 149(4) of the Act, shall have its CSR Committee without such director.
– Sec. 135(1)
Corporate Social Responsibility – Rule 3 of The Companies (CSR Policy) Rules, 2014
Provided that where a company is not required to appoint an independent director u/s 149(4), it shall have in its CSR Committee 2 or more directors.
(2) Every company which ceases to be a company covered u/s 135(1) for 3 consecutive financial years shall not be required to: (a) constitute a CSR Committee; and (b) comply with the provisions contained in Sec. 135, till such time it meets the criteria specified in Sec. 135(1).
Net worth as defined by Sec. 2(57) means the aggregate value of the paid-up share capital and all reserves created out of the profits, securities premium account and debit or credit balance of profit and loss account, after deducting the aggregate value of the accumulated losses, deferred expenditure and miscellaneous expenditure not written off, as per the audited balance sheet, but does not include reserves created out of revaluation of assets, write-back of depreciation and amalgamation.
Composition of CSR Committee
With respect to a foreign company covered under these rules, the CSR Committee shall comprise of at least 2 persons of which one person shall be as specified u/s 380(1)(d) of the Act and another person shall be nominated by the foreign company.
Sec. 135(9) Where the amount to be spent by a company u/s (5) does not exceed ₹ 50 lakh, the requirement u/s 135(1) for constitution of the CSR Committee shall not be applicable and the functions of such Committee provided under this section shall, in such cases, be discharged by the Board of Directors of such company.
Chapter 9 Accounts of Companies 9.19
– Sec. 135(1) and Sec. 135(9)
Accounts of Companies Chapter 9 9.20
Provided that Board may alter such plan at any time during the financial year, as per the recommendation of its CSR Committee, based on the reasonable justification to that effect.
Duties of the –BoardSec.135(4)
Duties of CSR –CommitteeSec.135(3)
(c) Monitor the CSR Policy of the company from time to time.
The CSR Committee shall formulate and recommend to the Board, an annual action plan in pursuance of its CSR policy, which shall include the following, namely:
(c) the modalities of utilisation of funds and implementation schedules for the projects or programmes;
(a) Formulate and recommend to the Board, a CSR Policy which shall indicate the activities to be undertaken by the company in areas or subject, specified in Schedule VII;
The Board of Directors of the Company shall mandatorily disclose the composition of the CSR Committee, and CSR Policy and Projects approved by the Board on their website, if any, for public access.
(b) Recommend the amount of expenditure to be incurred on the activities referred above; and
(b) the manner of execution of such projects or programmes;
(b) ensure that the activities as are included in CSR Policy of the company are undertaken by the company.
(a) after taking into account the recommendations made by the CSR Committee, approve the CSR Policy for the company and disclose contents of such Policy in its report and also place it on the company's website, if any, in such manner as may be prescribed; and
The Board of every company referred in Sec. 135(1) shall:
Rule 9 of Companies (Accounts) Rules, 2014
Disclosure of –CompositionSec.135(2)
For this purpose, the company shall give preference to the local area and areas around it where it operates.
If the company fails to spend such amount, the Board shall, in its report specify the reasons for not spending the amount and, unless the unspent amount relates to any ongoing project referred to in Sec. 135(6), transfer such unspent amount to a Fund specified in Schedule VII, within a period of 6 months of the expiry of the financial year.
(e) details of need and impact assessment, if any, for the projects undertaken by the company:
The Board of every company referred in Sec. 135(1), shall ensure that the company spends, in every financial year, at least 2% of the average net profits of the company made during the 3 immediately preceding financial years or where the company has not completed the period of 3 financial years since its incorporation, during such immediately preceding financial years, in pursuance of its CSR Policy.
Rule 5(2) of Companies (Accounts) Rules, 2014
The Board's report u/s 134(3) shall disclose the composition of the Corporate Social Responsibility Committee.
(a) the list of CSR projects or programmes that are approved to be undertaken in areas or subjects specified in Schedule VII of the Act;
(d) monitoring and reporting mechanism for the projects or programmes; and
Spending for –CSRSec. 135(5)
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