Profit & Loss account of a company

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03 May 2011 Whether the profit & loss account of a company is a public document?

vishal

vishal (Expert)
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03 May 2011 P&L of Public Company is only public document. P & L of private company & a public company by virtue of section 43A (if central govt directs so) is not public documents.

Go through proviso 1&2 to sub-section 1 of section 220 of companies act, 1956.
220. (1) After the balance sheet and the profit and loss account have been laid before a company at an annual general meeting as aforesaid, there shall be filed with the Registrar [within thirty days from the date on which the balance sheet and the profit and loss account were so laid, [or where the annual general meeting of a company for any year has not been held, there shall be filed with the Registrar within thirty days from the latest day on or before which that meeting should have been held in accordance with the provisions of this Act,]—
(a) [***] [a copy] of the balance sheet and the profit and loss account, signed by the managing director,[***] manager or secretary of the company, or if there be none of these, by a director of the company, together with [a copy] of all documents which are required by this Act to be annexed or attached to such balance sheet or profit and loss account:
[Provided that in the case of a private company, [copy] of the balance sheet and [copy] of the profit and loss account shall be filed with the Registrar separately:]
[***]
[Provided further that,—
(i) in the case of a private company which is not a subsidiary of a public company, or
(ii) in the case of a private company of which the entire paid-up share capital is held by one or more bodies corporate incorporated outside India, or
(iii) in the case of a company which becomes a public company by virtue of section 43A, if the Central Government directs that it is not in the public interest that any person other than a member of the company shall be entitled to inspect, or obtain copies of, the profit and loss account of the company,
no person other than a member of the company concerned shall be entitled to inspect, or obtain copies of, the profit and loss account of that company under section 610.]