19 June 2015
It is important to note that all Companies whether public or private and irrespective of level of operations are required to prepare their financial statements, in the manner provided in Schedule III. However, the requirements of the Schedule III, do not apply to any insurance or banking company, or any company engaged in the generation or supply of electricity or to any other class of company for which a form of financial statement has been specified in or under any other Act governing such class of company. This is in line with the earlier provisions wherein the Schedule VI was not applicable to above mentioned companies.
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