Question : MECHANISM FOR VERIFYING BALANCE SHEET



(a) whether the Government is aware that most of the private sector compromises submitting their manipulated/inflated balance sheets to take undue advantage of government schemes;

(b) if so, the details thereof alongwith the number of such companies found guilty and the action taken against them company-wise;

(c) whether the Government has constituted/proposes to constitute any monitoring committee to monitor such companies; and

(d) if so, the details thereof?

Answer given by the minister


THE MINISTER OF STATE IN THE MINISTRY OF CORPORATE AFFAIRS(SHRI R.P.N. SINGH)

(a) The Companies Act, 1956 provides for preparation of accounts including Balance Sheets as per the Accounting Standards and filing the same through MCA-21 system. The provisions of the Companies Act, 1956 are very specific and mandated for filing true and fair state of affairs of the company.

(b) to (d) Does not arise.