CA Student
15932 Points
Joined May 2011
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Originally posted by : pooja |
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will revise shedule vi applicable to electricity company |
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As such, u/s 211(1) & (2) Proviso, Sch VI (R) is not applicable to any Insurance / Banking / Electricity Companies.
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However, for Companies engaged in the generation and supply of Electricity, there is no prescribed format for presentation of Financial Statements, either in the Electricity Act, 2003, or the Rules framed thereunder.
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Sec.616(c) states that the Companies Act will apply to Electricity Companies, to the extent it is not contrary to the requirements of the Electricity Act. Hence, Sch VI (R) may be followed by Electricity Companies till the time any other format is prescribed by the relevant statute.
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