Position Regarding Indian Business Accounts

Three copies of balance sheet and profit and loss account of Indian business accounts of a foreign company duly audited by a practising Chartered Accountant in India, in the form prescribed in Schedule VI (as modified in terms of Notification, dated 4-10-1957 and 6-1-1959) shall be filed with the Registrar within 9 months of the close of the financial year. The Registrar at New Delhi may extend this period by 3 months.

In order to be a foreign company it has to have a place of business in India. The aforesaid accounts have to be filed with the Principal Registrar (i.e. Registrar of Companies, New Deihl) and the concerned Registrar having jurisdiction over the principal place of business of the foreign company [Sec. 597].

It may be noted that the Indian accounts have to be drawn up in Indian rupees.

Inspection of Accounts of a Foreign Company

The profit and loss account of Indian business in respect of a foreign company which,

. if incorporated under this Act would be deemed to be that of a private company and shall not be open to inspection by any person other than a member of the company.