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CS Professional · Environmental, Social and Governance (ESG) - Principles and Practice · Legislative Framework of Corporate Governance in India

Meridian Corp., a foreign company with offices in Mumbai and Delhi, has filed its documents earlier. Which statement about its ongoing obligations is correct?

A foreign company must, every calendar year, make out a balance sheet and profit and loss account and deliver a copy to the Registrar, along with a list of all its places of business in India, under section 381.

  1. AIt must prepare a balance sheet and profit and loss account every calendar year and deliver a copy to the Registrar, with a list of its places of business in IndiaCorrect
  2. BIt need file accounts only if wound up
  3. CIt need deliver accounts only once, at registration
  4. DIt must file alteration returns within ninety days

Explanation

Section 381(1) requires every foreign company, each calendar year, to prepare a balance sheet and profit and loss account and deliver a copy to the Registrar, and section 381(3) requires a list of all Indian places of business. Section 380(3) requires alteration returns within thirty days, not ninety.

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