Companies Act Section 381 — Accounts of foreign company
CHAPTER XXII COMPANIES INCORPORATED OUTSIDE INDIA
Commercial / Corporate
Summary
Sub-section (1) requires every foreign company to prepare, in each calendar year, a balance sheet and profit and loss account. These documents must be in the prescribed form, contain the prescribed particulars, and include or have annexed or attached any prescribed documents. The company must also deliver a copy of these documents to the Registrar.
The proviso to sub-section (1) states that the Central Government may, by notification, direct that the requirement to prepare these documents does not apply to a particular foreign company or class of foreign companies, or applies only with specified exceptions and modifications as set out in that notification.
Sub-section (2) states that if any document mentioned in sub-section (1) is not in the English language, a certified English translation of that document must be annexed to it.
Sub-section (3) requires every foreign company to send to the Registrar, along with the documents delivered under sub-section (1), a copy of a list in the prescribed form showing all places of business established by the company in India as at the date on which the balance sheet referred to in sub-section (1) is made out.
Official Text
(1) Every foreign company shall, in every calendar year,—
(a) make out a balance sheet and profit and loss account in such form, containing such particulars and including or having annexed or attached thereto such documents as may be prescribed; and
(b) deliver a copy of those documents to the Registrar:
Provided that the Central Government may, by notification, direct that, in the case of any foreign company or class of foreign companies, the requirements of clause (a) shall not apply, or shall apply subject to such exceptions and modifications as may be specified in that notification.
(2) If any such document as is mentioned in sub-section (1) is not in the English language, there shall be annexed to it a certified translation thereof in the English language.
(3) Every foreign company shall send to the Registrar along with the documents required to be delivered to him under sub-section (1), a copy of a list in the prescribed form of all places of business established by the company in India as at the date with reference to which the balance sheet referred to in sub-section (1) is made out.