Section 381: Accounts of foreign company
This section requires foreign companies to submit certain financial documents and information about their Indian operations to the Registrar each year.
The section, clause by clause
What the section says
In plain terms
(1)Every foreign company shall, in every calendar year,—
Every foreign company must create a balance sheet and profit and loss account each calendar year and provide it to the Registrar, although the Central Government can exempt certain companies from this requirement by notification.
(1)(a)make out a balance sheet and profit and loss account in such form, containing such particulars and including or having annexed or attached thereto such documents as may be prescribed; and
(1)(b)deliver a copy of those documents to the Registrar:
provisoProvided that the Central Government may, by notification, direct that, in the case of any foreign company or class of foreign companies, the requirements of clause (a) shall not apply, or shall apply subject to such exceptions and modifications as may be specified in that notification.
(2)If any such document as is mentioned in sub-section (1) is not in the English language, there shall be annexed to it a certified translation thereof in the English language.
If any document is not in English, a certified English translation must be attached to it.
(3)Every foreign company shall send to the Registrar along with the documents required to be delivered to him under sub-section (1), a copy of a list in the prescribed form of all places of business established by the company in India as at the date with reference to which the balance sheet referred to in sub-section (1) is made out.
Foreign companies must also send the Registrar a list of all their Indian places of business as of the balance sheet date.
The right-hand column is written from the section text, not quoted from it, and it has no legal force. Where the two differ, the left-hand column is the law.
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Reproduced from the official India Code print for reference. Check the current text on India Code before you rely on it, and read the section alongside its Rules. Nothing here is legal advice.