Section 40: Audited financial statements or financial summary

40. Audited financial statements or financial summary (1) Every limited liability partnership, other than a limited liability partnership holding a Category 1 Global Business Licence, shall, where the limited liability partnership has a turnover of— (a) less than 50 million rupees, file with the Registrar a financial summary which shall give a true and fair view of its state of affairs; or (b) 50 million rupees or more, file with the Registrar financial statements in the manner specified in the Companies Act. (2) A financial summary referred to in subsection (1) (a) shall be in such form as the Registrar may approve. (3) A financial summary or financial statements under subsection (1) shall be filed not later than 15 months from the date of registration of the limited liability partnership, and subsequently within 6 months following the end of its financial year. (4) Notwithstanding subsection (3), the Registrar may, where he considers appropriate, on application by a limited liability partnership, grant an extension of time for the filing of its financial summary or audited financial statements. (5) A financial summary filed with the Registrar under this section shall be certified to be a correct copy by at least one partner of the limited liability partnership. (6) A limited liability partnership holding a Category 1 Global Business Licence shall file its audited financial statements and report of the auditor with the Commission. (7) Where the audited financial statements are filed with the Commission under subsection (6), the Commission shall give notice to that effect to the Registrar. (8) This section shall be without prejudice to any other enactment which imposes a more extensive reporting obligation on a limited liability partnership.