Bare Act Search Results

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY (PREPARATION OF FINANCIAL STATEMENTS AND AUDITOR'S REPORT OF INSURANCE COMPANIES)REGULATIONS, 2000 Complete Act

State: Central

Year: 2000

.....over the period of insurance because of the very nature of the risk covered e.g. some infrastructure projects involving varying degrees of risk factor. A deposit premium is paid in such cases at the beginning of the policy period and subsequently adjusted. The basis of determination of premium earned shall be adequately justified, preferably supported by external evidence such as by certification from an actuary and/or other technical experts. Adequate disclosure of such basis shall be made. 3. Premium deficiency.-Premium deficiency shall be recognised if the sum of expected claim costs, related expenses and maintenance costs exceed related unearned premiums. For contracts exceeding four years, once a premium deficiency has occurred, future changes to the liability shall be based on actuarial/technical evaluation. 4. Acquisition costs.-Acquisition costs, if any, shall be expensed in the period in which they are incurred. Acquisition costs are those costs that vary with, and are primarily related to, the acquisition of new and renewal insurance contracts. The most essential test is the obligatory relationship between costs and the execution of insurance contracts (i.e......

Companies Act, 2013, Section 129

Title: Financial Statement

State: Central

Year: 2013

.....the financial statements shall not be treated as not disclosing a true and fair view of the state of affairs of the company, merely by reason of the fact that they do not disclose-- (a) in the case of an insurance company, any matters which are not required to be disclosed by the Insurance Act, 1938 (4 of 1938), or the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999); (b) in the case of a banking company, any matters which are not required to be disclosed by the Banking Regulation Act, 1949 (10 of 1949); (c) in the case of a company engaged in the generation or supply of electricity, any matters which are not required to be disclosed by the Electricity Act, 2003 (36 of 2003); (d) in the case of a company governed by any other law for the time being in force, any matters which are not required to be disclosed by that law. (2) At every annual general meeting of a company, the Board of Directors of the company shall lay before such meeting financial statements for the financial year. (3) Where a company has one or more subsidiaries, it shall, in addition to financial statements provided under sub-section (2), prepare a consolidated financial.....

COMPANIES ACT, 2013, Section 134

Title: Financial statement, Board's report, etc.

State: Central

Year: 2013

.....a company in general meeting, a report by its Board of Directors, which shall include-- (a) the extract of the annual return as provided under sub-section (3) of section 92; (b) number of meetings of the Board; (c) Directors' Responsibility Statement; (d) a statement on declaration given by independent directors under sub-section (6) of section 149; (e) in case of a company covered under sub-section (1) of section 178, company's policy on directors' appointment and remuneration including criteria for determining qualifications, positive attributes, independence of a director and other matters provided under sub-section (3) of section 178; (f) explanations or comments by the Board on every qualification, reservation or adverse remark or disclaimer made-- (i) by the auditor in his report; and (ii) by the company secretary in practice in his secretarial audit report; (g) particulars of loans, guarantees or investments under section 186; (h) particulars of contracts or arrangements with related parties referred to in sub-section (1) of section 188 in the prescribed form; (i) the state of the company's affairs; (j) the amounts, if any, which it proposes to.....

Companies Act, 2013, Section 137

Title: Copy of Financial Statement to Be Filed with Registrar

State: Central

Year: 2013

.....been held, the financial statements along with the documents required to be attached under sub-section (1), duly signed along with the statement of facts and reasons for not holding the annual general meeting shall be filed with the Registrar within thirty days of the last date before which the annual general meeting should have been held and in such manner, with such fees or additional fees as may be prescribed within the time specified, under section 403. (3) If a company fails to file the copy of the financial statements under sub-section (1) or sub-section (2), as the case may be, before the expiry of the period specified in section 403, the company shall be punishable with fine of one thousand rupees for every day during which the failure continues but which shall not be more than ten lakh rupees, and the managing director and the Chief Financial Officer of the company, if any, and, in the absence of the managing director and the Chief Financial Officer, any other director who is charged by the Board with the responsibility of complying with the provisions of this section, and, in the absence of any such director, all the directors of the company, shall be punishable with.....

COMPANIES ACT, 2013, Section 131

Title: Voluntary revision of financial statements or Board's report

State: Central

Year: 2013

..... (2) Where copies of the previous financial statement or report have been sent out to members or delivered to the Registrar or laid before the company in general meeting, the revisions must be confined to-- (a) the correction in respect of which the previous financial statement or report do not comply with the provisions of section 129 or section 134; and (b) the making of any necessary consequential alternation. (3) The Central Government may make rules as to the application of the provisions of this Act in relation to revised financial statement or a revised director's report and such rules may, in particular-- (a) make different provisions according to which the previous financial statement or report are replaced or are supplemented by a document indicating the corrections to be made; (b) make provisions with respect to the functions of the company's auditor in relation to the revised financial statement or report; (c) require the directors to take such steps as may be prescribed.

Companies Act, 2013, Section 136

Title: Right of Member to Copies of Audited Financial Statement

State: Central

Year: 2013

.....by or on behalf of the company: Provided also that every company having a subsidiary or subsidiaries shall,-- (a) place separate audited accounts in respect of each of its subsidiary on its website, if any; (b) provide a copy of separate audited financial statements in respect of each of its subsidiary, to any shareholder of the company who asks for it. (2) A company shall allow every member or trustee of the holder of any debentures issued by the company to inspect the documents stated under sub-section (1) at its registered office during business hours. (3) If any default is made in complying with the provisions of this section, the company shall be liable to a penalty of twenty-five thousand rupees and every officer of the company who is in default shall be liable to a penalty of five thousand rupees.

Government of India Act, 1935 [Repealed] Section 33

Title: Annual Financial Statement

State: Central

Year: 1935

.....of any.areas ina Province which are for the time being excluded areas; anysums required to satisfy any judgment, decree or award of any Court or arbitraltribunal; anyother expenditure declared by this Act or any Act of the Federal Legislature tobe so charged. 4 (4)Any question whether any proposed expenditure falls within aclass of expenditurecharged on the revenues of the Federation shall bedecided by theGovernor-General in his discretion. ___________________________ 1.Substituted by the words 'the Legislature', Government of India (Commencementand Transitory Provisions) Order, 1936, paras. 3 and 11. 2.This cl. in so far as it relates to the Advocate-General cane into forceon 1-4-1937, under Government of India (Commencement and Transitory Provisions)Order, 1936, paras. 3 and 11. 3.The words within brackets were omitted, by Government of India(Commencement and Transitory Provisions) Order, 1936, paras. 3 and 11. 4.Cls. (e), (f) and (g.) of sub-sec. (3) and sub-sec. (4) were omitted, byGovernment of India (Commencement and Transitory Provisions) Order, 1936, paras.3 and 11.

Assam Reorganisation (Meghalaya) Act, 1969 Section 42

Title: Annual Financial Statement

State: Central

Year: 1969

.....referred to as "the annual financial, statement". (2) The estimate of expenditure embodied in the annual financial statement shall show separately-- (a) the sums required to meet expenditure described by this Act as expenditure charged upon the Consolidated Fund of Meghalaya; and (b) the sums required to meet other expenditure proposed to be made from the Consolidated Fund of Meghalaya, and shall distinguish expenditure on revenue account from other expenditure. (3) The following expenditure shall be expenditure charged upon the Consolidated Fund of Meghalaya-- (a) the salaries and allowances of the Speaker and the Deputy Speaker of the Legislative Assembly; (b) debt charges for which the autonomous State is liable including interest, sinking fund charges and redemption charges, and other expenditure relating to the raising of loans and the service and redemption of debt; (c) any sums required to satisfy any judgment, decree or award of any Court or arbitral tribunal; and (d) any other expenditure declared by the Constitution or by the Legislature of Meghalaya to be so charged.

Government of India Act, 1935 [Repealed] Section 78

Title: Annual Financial Statement

State: Central

Year: 1935

.....charges, and other expenditure relating to the raising ofloans and the service and redemption of debt; (c)the salaries and allowances of ministers, and of the Advocate-General: (d)expenditure in respect of the salaries and allowances of Judges of any HighCourt; (f)any sums required to satisfy any judgment, decree or award of any court orarbitral tribunal; (g)any other expenditure declared by this Act or any Act of the ProvincialLegislature to be so charged. [(4)Any question whether any proposed expenditure falls within a class ofexpenditure charged on the revenues of the Province shall be decided by theGovernor in his discretion.]1 _________________________ 1. The words withinbrackets were omitted, by the India (Provisional Constitution) Order, 1947. 2. These words weresubstituted by the following, by the India (Provisional Constitution) Order,1947..-- "Madeby or under the Third Schedule to the Act."

Government of Union Territories Act, 1963 Section 27

Title: Annual Financial Statement

State: Central

Year: 1963

.....on the Consolidated Fund of1[the Union territory] :- (a) the emoluments and allowances of the Administrator and other expenditure relating to his office as determined by the President by general or special order; (b) the charges payable in respect of loans advanced to the Union territory from the Consolidated Fund of India including interest, sinking fund charges and redemption charges, and other expenditure connected therewith; (c) the salaries and allowances of the Speaker and the Deputy Speaker of the Legislative Assembly; (d) expenditure in respect of the salaries and allowances of a Judicial Commissioner; (e) any sums required to satisfy any judgment, decree or award of any court or arbitral tribunal; (f) expenditure incurred by the Administrator in the discharge of his special responsibility; (g) any other expenditure declared by the Constitution or by law made by Parliament or by the Legislative Assembly of the Union Territory to be so charged. ____________________ 1. Substituted for the words "each Union territory" by Goa, Daman and Diu Reorganisation Act ( 18 of 1987), S. 65(a) (30-5-87).