The Companies Act, 1956, mandates all kinds of companies - private, public, Section-25 company, closely-held company or a company in which the public is substantially interested - to file annual reports with the Registrar of Companies (RoC). These reports include financial statements and annual returns, essentially, of directorships and shareholding pattern. However, many companies routinely fail to comply with this norm. The Reserve Bank of India should now step in and ask banks to withhold credit to companies that fail to comply with reporting requirements.........
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