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CMA Intermediate · Corporate Accounting and Auditing · Accounts of Banking, Electricity and Insurance Companies

A banking company has sent the registrar three copies of its accounts, balance-sheet and auditor's report as per section 32(1) of the Banking Regulation Act, 1949. What is the effect on its filing under the Companies Act, 1956 provision referred to there?

Separate filing is not necessary. Once the three copies are sent to the registrar, they are chargeable with the same fee and dealt with in all respects as if they had been filed under section 220 of the Companies Act, 1956.

  1. AIt must still file separate copies under section 220(1) of the Companies Act, 1956
  2. BIt need not file those copies separately, and the copies sent are dealt with as if filed under that sectionCorrect
  3. CThe copies are exempt from any fee
  4. DThe copies are valid only for private companies

Explanation

Section 32(1) says that where the copies are sent, separate filing under section 220(1) of the Companies Act, 1956 is not necessary. The copies are chargeable with the same fee and treated as if filed under that section, so the fee exemption option is wrong.

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