Books of Accounts of Indian Operation Should be kept in India
Financial Statements to be Submitted to Registrar in Schedule VI Format
Audit should be done mutatis mutandis as audit of indian company
See below references
For Books of Accounts SEE SEC 384 (3)
89 Debentures, annual return, registration of charges, books of account and their inspection.
90 384. (3) The provisions of section 128 shall apply to a foreign company to the extent of requiring it to keep at its principal place of business in India, the books of account referred to in that section, with respect to monies received and spent, sales and purchases made, and assets and liabilities, in the course of or in relation to its business in India.
For Financial Statements See Sec Sec 381
81 Accounts of foreign company.
82 381. (1) Every foreign company shall, in every calendar year,—
deliver a copy of those documents to the Registrar:
Provided that the Central Government may, by notification, direct that, in the case of any foreign company or class of foreign companies, the requirements of clause (a) shall not apply, or shall apply subject to such exceptions and modifications as may be specified in that notification.
(2) If any such document as is mentioned in sub-section (1) is not in the English language, there shall be annexed to it a certified translation thereof in the English language.
(3) Every foreign company shall send to the Registrar along with the documents required to be delivered to him under sub-section (1), a copy of a list in the prescribed form84 of all places of business established by the company in India as at the date with reference to which the balance sheet referred to in sub-section (1) is made out.
For Audit See Rule 5 Companies Registration of Foreign Company Rules 2014
Audit of accounts of foreign company
5. (1) Every foreign company shall get its accounts, pertaining to the Indian business operations prepared in accordance with the requirements of clause (a) of sub-section (1) of section 381 and rule 4, audited by a practicing Chartered Accountant in India or a firm or limited liability partnership of practicing chartered accountants.
Explanation. – For the purposes of this sub-rule, the expressions “Chartered Accountant”, “Firm” and limited liability partnership shall have the meanings respectively assigned to them under the Act and Limited Liability Partnership Act, 2008 (6 of 2009) respectively.
(2) The provisions of Chapter X i.e. Audit and Auditors and rules made thereunder, as far as applicable, shall apply, mutatis mutandis, to the foreign company.
Suppose there are 20 firms in different cities, they can come together and register a network. They will share knowledge, info, resources and brand there network. ABC & Co “Affiliates of xyz network”
but still each firm has independent existence, separate partners, own assignments, own fees.. they all will sign on there own firm name… network doesnt mean firms are dissloved