In terms of record-keeping, what does the Companies Act 2006 state for private limited companies?

The Companies Act 2006 specifies that private limited companies are required to maintain certain company records but does not set a specific duration for how long these records must be kept. This means that while private companies have an obligation to keep accurate records of their financial transactions and other critical information, the legislation does not stipulate a mandatory retention period, allowing companies some flexibility in determining how long they maintain their records.

In practice, many companies may choose to keep records for several years for operational or legal reasons, but the law itself does not enforce a specific duration. Thus, recognizing that no specific duration is mandated by the Companies Act for private limited companies is crucial for understanding their record-keeping responsibilities.