Dear Friends,
According to the erstwhile Companies Act, 1956, P/L A/c of Private Limited company wasn't a public document and no person other than members of the Pvt. Ltd. company were authorised to inspect its P/L A/c. Is this privilege still available to the Pvt. Ltd. company under the Companies Act, 2013 ?
P.S. Section reference would be helpful. Thanks.
No, this privilege is not available now. Proviso to Sec.220(1)(a) of 1956 Act provided P&L A/c to be filed separately, which was inserted by Act 65 of 1960 when physical filing was applicable with an object that P&L A/c will not be kept open for public inspection. E-filing prescribed separate forms for Balance Sheet and P&L A/c for all companies. But still P&L A/c was not open for public inspection. However, there is no such provision in corresponding section 137 of the new Act.
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