PART VI

FINANCE, ACCOUNTS AND AUDIT

1[378ZE Books of account

(1) Every Producer Company shall keep at its registered office proper books of account with respect to-

(a) all sums of money received and expended by the Producer Company and the matters in respect of which the receipts and expenditure take place;

(b) all sales and purchase of goods by the Producer Company;

(c) the instruments of liability executed by or on behalf of the Producer Company;

(d) the assets and liabilities of the Producer Company;

(e) in case of a Producer Company engaged in production, processing and manufacturing, the particulars relating to utilisation of materials or labour or other items of costs.

(2) The balance-sheet and profit and loss accounts of the Producer Company shall be prepared, as far as may be, in accordance with the provisions contained in section 129.

Internal audit.]

Amendments

1. Inserted by Companies(Amendment) Act 2020  Dated 29.09.2020       Amendment Effective from 11th February 2021