Dear Pattu Kutty,
You could have given little more information about you and nature of your work. Which records you are talking about? "Organisation" consists of several department and every department needs to maintain records. Retention period of some records is statutory requirement. For others it is for the organisation's convenience.
By the way, are you student or professional? Is this your academic query?
Click the following link to read my reply of some past post. It will give reply to your query, though partially:
https://www.citehr.com/457085-employ...ml#post2045789
Thanks,
Dinesh V Divekar