Section 223 — Financial Statements

(1) The board of every company must lay
before the company in annual general meeting its financial statements for the
period, in the case of first such statements since the incorporation of the company
and in any other case since the preceding financial statements, made up to the date
of close of financial year adopted by the company.

(2) The financial statements must be laid within a period of one
hundred and twenty days following the close of financial year of a company:
Provided that, in the case of a listed compan y the Commission, and in any
other case the r egistrar, may, for any special reason, extend the period for a term
not exceeding thirty days.
(3) Subject to the provision of sub -section (2), the first financial
statement must be laid at some date not later than sixteen months after the date of
incorporation of the company and subsequently once at least in every calendar year.
(4) The period to which the statements aforesaid relate, not being the
first, shall not exceed one year except where special permission of the registrar has
been obtained.
(5) The financial statement shall be audited by the auditor of the
company, in the manner hereinafter provided, and the auditor’s r eport shall be
attached thereto:
Provided that nothing in this sub -section shall apply to a private company
having the paid up capital not exceeding one million rupees or such higher amount
of paid up capital as may be notified by the Commission.
(6) Every company shall send in the form and manner specified audited
financial statements together with the auditors’ report , directors’ report and in the
case of a listed company the chairman’s review report to every member of the
company and every person who is entitled to receive notice of general meeting,
either by post or electronically at least twenty-one days before the date of meeting
at which it is to be laid before the members of the company, and shall keep a copy
at the registered office of the company for the inspection of the members.
(7) A listed company shall, simultaneously with the dispatch of the
financial statements together with the reports referred to in sub-section (6), send by

post three copies and electronically a copy of such financial statements together
with said reports to each of the Commission, registrar and the securities exchange
and shall also post on the company’s website:
Provided that the reports shall be made available on th e website of the
Company for a time period as may be specified.
(8) The provisions of sub-section (6) of section 2 20 shall apply to any
person who is a party to the default in complying with any of the provisions of this
section.
(9) This section shall not apply to a single member c ompany except to
the extent as provided in sub-section (5).