Periodical financial results
📚 Law Minded summary
A short enabling section. The Central Government can require prescribed classes of unlisted companies to prepare financial results during the year, not just at the end of it.
Those results must be approved by the Board, audited or reviewed, and filed with the Registrar. It brings some unlisted companies closer to the quarterly rhythm listed ones already follow.
The Central Government may, require such class or classes of unlisted companies, as may be prescribed,—
(a) to prepare the financial results of the company on such periodical basis and in such form as may be prescribed;
(b) to obtain approval of the Board of Directors and complete audit or limited review of such periodical financial results in such manner as may be prescribed; and (c) file a copy with the Registrar within a period of thirty days of completion of the relevant period with such fees as may be prescribed.]