Section 13 of The Sick Textile Undertakings (Nationalisation) Act, 1974
The National Textile Corporation shall maintain the accounts of sick textile undertakings in accordance with the provisions of the Companies Act, 1956 (1 of 1956).
Summary
- The National Textile Corporation is responsible for keeping the financial records of the sick textile undertakings.
- These accounts cannot be maintained in just any format.
- They must be maintained strictly following the rules of the Companies Act, 1956.
Practical examples
FAQ
1. Who keeps the books for the sick textile undertakings?
The National Textile Corporation maintains their accounts.
2. Can the Corporation invent its own accounting rules?
No, it must maintain the accounts according to the provisions of the Companies Act, 1956.
Test yourself
Q1.Under Section 13 of The Sick Textile Undertakings (Nationalisation) Act, 1974, which law dictates how the accounts must be maintained?
Q2.Under Section 13 of The Sick Textile Undertakings (Nationalisation) Act, 1974, who is legally obligated to maintain these accounts?
Q3.Under Section 13 of The Sick Textile Undertakings (Nationalisation) Act, 1974, what records are being discussed?
Q4.Under Section 13 of The Sick Textile Undertakings (Nationalisation) Act, 1974, what happens if the National Textile Corporation wants to use a simplified accounting standard not found in the specified Act?