Section 129A of CA 2013 : Section 129A: Periodical Financial Results

Explanation using Example

For example, under Section 129A of the Companies Act, 2013, the Central Government could mandate a specific category of unlisted companies, say medium-sized tech startups, to periodically prepare their financial statements every quarter. These companies would need to:

• Compile quarterly financial results in a format specified by the government.
• Have these results approved by their Board of Directors.
• Carry out an audit or a limited review of the quarterly results by a certified auditor.
• Submit these audited or reviewed financial results to the Registrar of Companies within 30 days of the end of each quarter, accompanied by the prescribed filing fee.

This requirement ensures that there is regular financial transparency from these companies, which can be important for regulators, investors, and other stakeholders to monitor the company's financial health.