TMI BlogAccounts - Exceptions and modifications with which sub-section (1) applies to a foreign companyX X X X Extracts X X X X X X X X Extracts X X X X ..... conferred by the proviso to sub-section (1) of section 594 of the Companies Act, 1956 (hereinafter referred to as the Act ) the Central Government has directed that the requirements of clause ( a ) of sub-section (1) shall apply to a foreign company having a share capital subject to the exceptions and modifications specified below, namely : ( i ) A foreign company shall, in respect of its ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ompany in terms of clause ( i ) shall be audited by such person or persons and in such manner as laid down in the Act. In regard to the said balance sheet and profit and loss account relating to a period on or before the 31st day of March, 1958, it shall be deemed to be sufficient compliance if such documents are audited by auditors of the foreign company in the country of its incorporation. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... loss account, filed in that country, as far as practicable, in such form as it would, if it had been a company within the meaning of the Act, have been required to make out and lay before the company in a general meeting and the foreign company shall be bound to make such clarification or comply with such demand, as the case may be. ( viii ) In regard to a foreign shipping or an airlines c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ave been deemed to be a private company within the meaning of clause ( iii ) of sub-section (1) of section 3 of the Act. No person other than a member of the company concerned shall be entitled to inspect or obtain copies of ( a ) the profit and loss account of its Indian business submitted to the appropriate Registrar in terms of clause ( i ) hereof; ( b ) the profit and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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