Passing of accounts 

65. Every company shall prepare the accounts stated in section 66 of this Act and pass the accounts by the Board of Directors in accordance with the article of association. The accounts shall be signed by the Board of Directors. 

Annual accounts and annual report 

66.     (a) The Board of Directors shall, in order to present to the annual general meeting cause the  preparation of accounts showing the income and expenses, profit and loss, the annual balance sheet and an annual report and shall submit them to the annual general meeting. 

         (b) The annual report prepared by the Board of Directors stated in sub-section (a) shall include the following: 

               (1) a review of the business and other activities of the company during the past year. 

               (2) the amount which the Board of Directors recommend should be paid as dividend and the amount they propose to set aside as reserves. 

               (3) names of the directors of the company and details of the members of the company in the past year. 

               (4) information on the main activities carried out by the company in the past year. 

               (c) In the case of any failure to comply with sub-section (a) and (b) of this section as to the preparation of the Directors annual report and the annual accounts every director of the company who is charged to cause the preparation of them and have failed to take necessary steps for there preparation is guilty of an offence and is liable to a fine between MRf. 5,000/- and MRf. 100,000/- 

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