Any member or debentureholder of a company, and any person from whom the company has accepted a deposit shall, on demand, be entitled to be furnished, free of cost, with a copy of the last balance sheet of the company and of every document required to be annexed or attached thereto, including the profit and loss account and the Auditors’ report [Sec. 219 (2)]. H default is made in complying with the demand within 7 days of its making, the company and every officer of the company who is in default shall be punishable with fine which may extend to Rs. 5,000. The Company Law Board may also direct that the copy demanded be furnished forthwith [Sec. 219 (4)].
If default is made in complying with sub-section (1) of Section 219, the company and every officer of the company, who is in default, shall be punishable with fine which may extend to Rs. 5,000 [Sec. 219 (3)].
Adoption of Accounts
One of the businesses to be transacted at a annual general meeting is adoption of the accounts including the balance sheet, profit and loss account and the Directors’ report thereon.
If the annual general meeting of a company does not adopt the balance sheet or is adjourned without adopting the balance sheet or if the annual general meeting of a
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