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Companies Act, 1973 (Act No. 61 of 1973)

Chapter XI: Accounting and Disclosure

Interim Accounting

303. Half-yearly interim reports

 

 

Every widely held company, other than a wholly owned subsidiary, shall not later than three months after the expiration of the first period of six months of its financial year send to every member and holder of debentures of the company an interim report on the business and operations of the company or, in the case of a holding company, of the company and its subsidiaries, during the said period of six months, and the results thereof: Provided that-

a) the first interim report to be sent to members and holders of debentures of a company after its incorporation shall-
i) in any case where proviso (a) to section 285(1) applies and where the period of the first financial year of the company exceeds nine months, be in respect of a period of six months commencing on the date of incorporation of the company; and
ii) in any case where proviso (b) to section 285(1) applies, be in respect of a period commencing on the date of incorporation of the company and ending six months before the end of its first financial year;
b) where a company has changed the end of its financial year under section 285(2)(b) an additional interim report shall be made out for the period from the beginning of the financial year so changed to the date of the end of the financial year before it was so changed.