what is time period for the preservation of books of accounts of a company which is winded up???
is it the same. i.e. 8 yrs??
Ravi Chopra (CA) (661 Points)
19 March 2010what is time period for the preservation of books of accounts of a company which is winded up???
is it the same. i.e. 8 yrs??
palak
(cs)
(385 Points)
Replied 20 March 2010
ACC TO SECTION 209(4A) OF CO ACT, 1956 NOT LESS THAN 8 YEARS
Yogesh Shah
(Managing Corporate Finance)
(1051 Points)
Replied 20 March 2010
Hi Ravi & Palak,
More appropriate would be -
"The books of accounts of every co. relating to a period of not less than eight years IMMEDIATELY PRECEDING THE CURRENT YEAR together with vouchers relevant to any entry in such books of accounts shall be preserved in good order".
Rasesh
(CS CWA MBA (Fin) B.Com LL.B (Spl))
(6501 Points)
Replied 21 March 2010
But for a company that has been woundup, I belive the same logic can be applied on a conservative basis. Whether the legal position is the same or not, is not clear in the above.
Rasesh
(CS CWA MBA (Fin) B.Com LL.B (Spl))
(6501 Points)
Replied 21 March 2010
Moreover, there are some records like the share certificates, transfer books, minutes books, certficate of inc and bus.commencement, which are permanent records as per law. So whether they have to be maintained life long, even after winding up of the company?
Yogesh Shah
(Managing Corporate Finance)
(1051 Points)
Replied 22 March 2010
Hi Rasesh,
After winding up, the books of accounts & all other related records are inspected by Official Liquidator. Hence, the treatment to be given to books of accounts after winding up shall be in accordance with report given by Official Liquidator.
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