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Sec. 31 of the B R Act provides that the accounts and the balance sheet referred to in the Sec. 29 together with the auditors`s report shall be published in the prescribed manner and three copies thereof shall be furnished as returns to the RBI within three months....
Rule 15 of the Banking (Companies)Rules has prescribed the menner of publishing the Balance sheet.It provides that .... shall be published within six months from the ended....
I have noticed divergent practices among the Banks in publication of balance. Some of them are publishing within 3 months (well before approval by the sharehoders at the AGM)and others within 6 months. According to me publication before AGM is not a good practice and also violation of Banking Reg. Act, 1949 read with Banking Regulation (Companies) Rules 1949.
I have taken the view that manner of publication of Balance Sheet is provided n the Rules and it is sufficient compliance if the Balance sheet is published within 6 months i e on or before 30.9. every year.
Views of the experts are welcome.
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