Companies Act, 1973 (Act No. 61 of 1973)Chapter XI: Accounting and DisclosureInterim Accounting307. Registrar may grant exemptions and extensions of time |
| 1) | If the Registrar approves, no half-yearly interim reports shall be required under section 303 if the directors of the company are of the opinion that such reports- |
| a) | would be misleading to the members of the company or harmful to the business of the company; or |
| b) | would entail unnecessary expense or for any other reason would serve no useful purpose. |
| 2) | The provisions of section 291(3) shall apply mutatis mutandis with reference to any application of the company for the Registrar's approval under subsection (1) of this section and to the period of any exemption. |
| 3) | The Registrar may on application by any company made to him before the expiry of the periods in which an interim report under section 303 or provisional annual financial statements under section 304 are required to be issued, on good cause shown and on payment of the prescribed fee, extend the said periods respectively by such period as he may in each case deem fit. |