1. According to section 209, every company shall keep at its registered office proper books of account. In case of a branch, the proper books of account relating to transactions effected at such branch, shall be kept at that office and proper summarized returns made up to dates at intervals of not more than three months, are sent by the branch office to the company at its registered office or such other place as may be decided by the Board of Directors.

2. The books of account and other books and other papers shall be open for inspection (sections 209/209A) during business hours to:

1. Any Director

2. Registrar

3. Any officer duly authorized by the Central Government/SEBI

3. According to section 210 at every Annual General Meeting of a company held in pursuance with section 166, the Board of Directors shall lay before the company:

1. Balance Sheet as at the end of the period.

2. Profit & Loss Account for the period.

3. In case of a company not carrying on business for profit, an Income & Expenditure A/c for the period ended.

4. Balance Sheet of holding company to include certain particulars as to its subsidiaries. (Section 212)

4. According to the section 210 the profit and loss account shall relate —

1. In the case of the first Annual General Meeting of the company, to the period beginning with incorporation of the company and ending with a day which shall not precede the day of the meeting by more than nine months.

2. In the case of any subsequent Annual General Meeting of the company, to the period beginning with the day immediately after the period for which the accounts was last submitted and ending with a day which shall not precede the day of the meeting by more than six months, or in cases where an extension has been granted for holding the meeting under the second proviso to the sub-section (1) of sec. 166, by more than six months and the extension so granted.

3. The period to which the account relates is referred as a "Financial Year" and it may be less or more than a calendar year but shall not exceed fifteen months. It may be extended to eighteen months provided special permission has been obtained from the concerned Registrar of Companies.

4. The company has to maintain the books of account together with the vouchers and preserve in good order for a period of not less than eight years immediately preceding the current year. (Section 209(4A))

5. If the Director of the company or a person not being a Director of the company having been charged by the Board of Directors with the duty of seeing that the provisions of this section are complied, fails to comply with the provisions of section 209/210 or take all the reasonable steps, he shall in respect of each offence, be punishable with imprisonment up to six months or a fine of up to ten thousand rupees or with both. Provided that in any proceedings against a person in respect of an offence, it shall be a defence to prove that a competent and reliable person was charged with the duty of seeing that the provisions of this section are complied with. Provided further that no person shall be sent to imprisonment for any such offence, unless it was committed wilfully. (Section 209(5))

6. Every Balance Sheet and every Profit & Loss Account of a company (other than a banking company) shall be signed by its manager or secretary, if any, and by not less than two directors of the company one of whom shall be a managing director where there is one (Section 215). In case of banking company, by persons specified as per the provisions of Banking Companies Act, 1949.

7. Every Profit & Loss Account of company shall be annexed to the Balance Sheet and the Auditor’s Report (Section 216) and Board’s Report (Section 217).

8. Three copies of the balance sheet and the profit & loss account for the period shall be filed (Section 220) with the concerned Registrar: —

1. within thirty days from the date on which the balance sheet, etc., were laid and adopted at the AGM; and

2. where the AGM is not so held, within 30 days of the latest day on which the AGM should have been held.