Preservation of Document Policy
Applicability
The Company in Compliance of Regulation 9 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 incorporated the policy on Preservation of Documents
Purpose
The purpose of this Policy is to ensure that necessary records and documents in which the Company is a party are adequately protected and maintained and to ensure that records that are no longer needed by the Company or are of no value are discarded at the proper time.
This Policy represents the Company’s policy regarding the retention and disposal of records and the retention and disposal of electronic documents. The table specifying the tenure of document retention are specified as under. This Policy was approved by the Board of Directors of M/s K World Estate Pvt. Ltd./ Company
Record Retention Schedule
The Record Retention Schedule is organized as follows:
Section Topic
- Accounting and Finance
- Contracts
- Corporate Records
- Correspondence and Internal Memoranda
- Electronic Documents
- Legal Files and Papers
- Miscellaneous
- Personnel Records
- Property Records
- Tax Records
Accounting & Finance
Record Type |
Retention Period |
Accounts Payable ledgers and schedules |
8 years |
Accounts Receivable ledgers and schedules |
8 years |
Annual Audit Reports and Financial Statements |
Permanent |
Annual Audit Records, including work papers and other documents that relate to the audit |
8 years after completion of audit |
Bank Statements and Canceled Cheques |
8 years |
Employee Expense Reports |
8 years |
Interim Financial Statements |
8 years |
Notes Receivable ledgers and schedules |
8 years |
Investment Records |
8 years after sale of investment |
Internal Audit work papers and findings |
8 years after completion |
Contracts
Record Type |
Retention Period |
Contracts and Related Correspondence (including any proposal that resulted in the contract and all other supportive documentation) |
8 years after expiration or termination |
Corporate Records
Record Type |
Retention Period |
Corporate Records (minute books, signed minutes of the Board and all committees, corporate seals, articles of incorporation, bylaws, annual corporate reports) |
Permanent |
Licenses and Permits |
Permanent |
Memorandums of Understanding (s) |
Permanent |
Electronic Documents
Electronic Mail: Not all email needs to be retained, depending on the subject matter.
- Staff will strive to keep all but an insignificant minority of their e-mail related to business issues.
- Staff will not store or transfer the company related e-mail on non-work-related computers except as necessary or appropriate for Foundation purposes.
- Staff will take care not to send confidential/proprietary Foundation information to outside sources.
- Any e-mail staff deems vital to the performance of their job should be copied to the staff’s thumb drive.
Electronic Documents: including Microsoft Office Suite and PDF files. Retention also depends on the subject matter.
- PDF documents – The length of time that a PDF file should be retained should be based upon the content of the file and the category under the various sections of this policy. The maximum period that a PDF file should be retained is 8 years. PDF files the employee deems vital to the performance of his or her job should be printed and stored in the employee’s workspace.
- Text/formatted files – Staff will conduct annual reviews of all text/formatted files (e.g., Microsoft Word documents) and will delete all those they consider unnecessary or outdated. After 8 years, all text files will be deleted from the network and the staff’s desktop/laptop. Text/formatted files the staff deems vital to the performance of their job should be printed and stored in the staff’s workspace.
Legal Files and Papers
Record Type |
Retention Period |
Legal Memoranda and Opinions (including all subject matter files) |
8 years after close of matter |
Litigation Files |
8 year after expiration of appeals or time for filing appeals |
Court Orders |
Permanent |
Requests for Departure from Records Retention Plan |
8 years |
Miscellaneous
Record Type |
Retention Period |
Material of Historical Value (including pictures,publications) |
8 years |
Policy and Procedures Manuals – Original |
Current version with revision history |
Policy and Procedures Manuals - Copies |
Retain current version only |
Annual Reports |
Permanent |
Personnel Records
Record Type |
Retention Period |
Employee Personnel Records (including individual attendance records, application forms, job or status change records, performance evaluations, termination papers, withholding information, garnishments, test results, training and qualification records) |
8 years after separation |
Employment Contracts – Individual |
8 years after separation |
Property Records
Record Type |
Retention Period |
Correspondence, Property Deeds, Assessments,Licenses, Rights of Way |
Permanent |
Original Purchase/Sale/Lease Agreement |
Permanent |
Property Insurance Policies |
Permanent |
Tax Records
General Principle: Northwest Foundation must keep books of account or records as are sufficient to establish amount of gross income, deductions, credits, or other matters required to be shown in any such return.
These documents and records shall be kept for as long as the contents thereof may become material in the administration of federal, state, and local income, franchise, and property tax laws.
Record Type |
Retention Period |
Tax-Exemption Documents and Related Correspondence |
Permanent |
Excise Tax Records |
8 years |
Tax Bills, Receipts, Statements |
8 years |
Tax Returns - Income, Property |
Permanent |
Sales/Use Tax Records |
8 years |
Annual Information Returns - Federal and State |
Permanent |
IRS or other Government Audit Records |
Permanent |
The Directors of the
K WORLD ESTATE PVT. LTD. adopt this statement of record retention policies.