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2011 (3) TMI 1244 - ORISSA HIGH COURTInspection of books of accounts and records - contraventions of different accounting standards - Held that:- As it appears that most of the allegations even if accepted to be correct are technical in nature and have not affected the entire accounting procedure adopted by the Company or in disclosure of the true affairs of the Company - The inference is that the Company has tried its best to maintain the accounts in terms of the accounting standards and the contraventions pointed out have not affected the true picture of the balance-sheet of the Company - thus assessee company are entitled to be excused under Section 633 (2) of the Companies Act, 1956. Accordingly this application is allowed and the opposite party-ROC is directed not to launch any prosecution against the petitioners for the alleged violation of the accounting standards.
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