TMI BlogBoard's report.X X X X Extracts X X X X X X X X Extracts X X X X ..... e balance sheet relates and the date of the report;] [4] [(e) the conservation of energy, technology absorption, foreign exchange earnings and outgo, in such manner as may be prescribed]. (2) The Board's report shall, so far as is material for the appreciation of the state of the company's affairs by its members and will not in the Board's opinion be harmful to the business of the company or of any of its subsidiaries deal with any changes which have occurred during the financial year (a) in the nature of the company's business; (b) in the company's subsidiaries or in the nature of the business carried on by them; and (c) generally in the classes of business in which the company has an interest. [5] [(2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures; (ii) that the directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit or loss of the company for that period; (iii) that the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularitie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d further that in any proceedings against a person in respect of an offence under sub-section (1), it shall be a defence to prove, [12] [* * *] that a competent and reliable person was charged with the duty of seeing that the provisions of that sub-section were complied with and was in a position to discharge that duty. (6) If any person, not being a director, having been charged by the Board of directors with the duty of seeing that the provisions of sub-sections (1) to (3) are complied with, makes default in doing so, he shall, in respect of each offence, be punishable with imprisonment for a term which may extend to six months, or with fine which may extend to [13] [twenty thousand rupees], or with both: Provided that no per ..... X X X X Extracts X X X X X X X X Extracts X X X X
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