Maintainability Of Company Records under different Statutes:

1. CA, 2013 – S. 128 (5) – 8 YEARS

2. Income Tax Rules, 1962 Rule 6F (5) – 6 YEARS

3. CGST ACT, 2017 – SECTION 36 (1) – 72 MONTHS RENTION OF DOCUMENTS

4. Companies (Preservation and Disposal of Records) Rules, 1966 – Maintains a list of

documents to be maintained and destroyed.

5. PMLA act S. 12 (2) – 10 YEARS

6. In cases where no time limit has been given under the statute then in those cases as held by

the Supreme Court in State of Gujarat v. Patil Raghav Natha (1969) 2 SCC 187, the

reasonable time period will be considered. The reasonable time period in turn will depend

upon the facts and circumstances of each case.

7. Securities and Exchange Board of India Act, 1992 – Section 15 (1)

8. Securities Contracts (Regulation) Rules 1957 – Rule 14 & 15 - maintain and preserve the

specified books of account and documents for a period ranging from two years to five

years.
9. Regulation 18 of Broker Regulations - every stock broker shall preserve the specified

books of account and other records for a minimum period of five years.

10. Evidence Act, 1872 - Section 90 of the Evidence Act provides that documents which are

more than 30 years old, would be presumed to be genuine and their attestation or

execution would be presumed to be as appearing on the face of such documents.

11. State of Madhya Pradesh v. Bani Singh 1990 Supp SCC 738 and Mohamad Kavi Mohamad

Amin v. Fatmabai Ibrahim (1997) 6 SCC 71, and Government of India v. Citedal Fine

Pharmaceuticals, Madras (1989) 3 SCC 483) - It is to be noted that courts have paid due

regard to the fact that though no limitation applies to criminal cases, yet persons cannot

be expected to face proceedings at any time. Courts have held that parties cannot be

expected to face proceedings for extremely old allegations and irregularities.

12. Companies (Prospectus and Allotment Of securities) Rules 2014, Rule 14(3) - within a

period of thirty days of circulation of the private placement offer letter.

13. Regulation 30 (8) Of LR - minimum period of five years

14. SEBI (LODR) Regulations, 2015 Regulation 9 (b) - not less than eight years after

completion of the relevant transactions