(1) The Managing Director shall, not later than three months after the close of the financial year, before the Board of Director:-
(a) A balance sheet as at the end of the financial year; and
(b) Profit and loss account for the financial year authenticated by the Financial Controller.
Explanation:- For the purpose of sub-rule (1) of rule 16 the expression, “Financial Controller” means the person authorized by the Board to exercise the powers of Financial Controller; and the expression “Financial year” means the period of twelve calendar months beginning with the first day of April of the preceding year.
17. From and contents the balance sheet and profit and loss account-
(1) Every balance sheet and profit and loss account of the Corporation shall give a true and fair view of the state of affairs of the Corporation as at the end of the financial year and shall be in the form set out in parts I and II Schedule VI of the Companies Act, 1956 or as near thereof as may be possible.
(2) For the purpose of this rule, except where the context other-wise requires, any reference to a balance sheet or profit and loss account shall include any note thereon or document giving information required by or allowed by the Companies Act, 1956 also information specified in Forms ‘B’ , ‘C’ ‘D’.