Maintenance of proper books of account

The Register shall be kept at the registered office of the company and
(a) shall be open to inspection at such office; and
(b) extracts may be taken therefrom and copies thereof may be required.
by any member of the company to the same extent in the same manner, and on
payment of same fees as in the case of the Register of Members of the company.
Write short notes on the following:
(a) Preservation of books of account by a company;
(b)Disposal of books and papers after winding up of a company.
(a)Preservation of Books of Accounts
Sub-Section (4) of Section 209 provides that the books of account of a company relating to a period of not less than 8 years immediately preceding the current year, together with the vouchers relevant to entry in such books of account must be preserved in good order. In case of a company incorporated less than 8 years before the current year, the books of account for the entire period preceding the current year, together with relevant vouchers must be preserved in good order.
(b)Books and Papers after Winding up
Section 550 provides that after the affairs of the company have been completely wound up and it is about to be dissolved, its books and papers and those of the liquidator may be disposed off:
(i) according to direction of the Court, in case of winding up by or subject to
supervision of Court;
(ii) in such manner ,as directed by a special resolution of the company, in case of
members’ voluntary winding up; and
(iii) in such manner as the Committee of Inspection of the creditors may direct, in
case of creditors’ voluntary winding up.
The Central Government is empowered to make rules to prevent the destruction of
books and papers of a company which has been wound up for a period not exceeding 5
years from the dissolution of the company as the Central Government thinks proper.
State the provisions of the Companies Act relating to maintenance of proper
books of account. When and by whom can the books of account be inspected?
Examine with reference to the provisions of the Companies Act, 1956: (i) The nature of books of account to kept by a company; (ii) The persons who have the right to inspect such books; and (iii) The place or places where the said books of account are required to bemaintained.