The Indian Institute of Management Act, 2017
Section 24. Books of account to be maintained by Institute.
Every Institute shall keep proper updated books of account with respect to—
(a) all sums of money received and expended by it and the matters in respect of which receipt and expenditure takes place;
(b) the assets and liabilities of the Institute;
(c) the properties, movable and immovable of the Institute.
Explanation.—For the purposes of this section, if books of account give a true and fair view of the state of affairs of the Institute and its transactions, it shall be deemed as proper books of account with respect to the matters specified therein.
Source: IndiaCode Portal, Legislative Department, Ministry of Law and Justice, Government of India. Open on India Code Check against the official text before relying on it.
Cases citing this section
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