TMI BlogFinancial statement, Board's report, etc.X X X X Extracts X X X X X X X X Extracts X X X X ..... rt thereon.] (2) The auditors' report shall be attached to every financial statement. (3) There shall be attached to statements laid before a company in general meeting, a report by its Board of Directors, which shall include- 3 [(a) the web address, if any, where annual return referred to in sub-section (3) of section 92 has been placed;] ( b ) number of meetings of the Board; ( c ) Directors' Responsibility Statement; 1 [(ca) details in respect of frauds reported by auditors under sub-section (12) of section 143 other than those which are reportable to the Central Government;] ( d ) a statement on declaration given by independ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gy absorption, foreign exchange earnings and outgo, in such manner as may be prescribed; ( n ) a statement indicating development and implementation of a risk management policy for the company including identification therein of elements of risk, if any, which in the opinion of the Board may threaten the existence of the company; ( o ) the details about the policy developed and implemented by the company on corporate social responsibility initiatives taken during the year; ( p ) in case of a listed company and every other public company having such paid-up share capital as may be prescribed, a statement indicating the manner in which formal 4 [annual evaluation of the performance ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... explanation relating to material departures; ( b ) 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 and loss of the company for that period; ( c ) 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 irregularities; ( d ) the directors had prepared the annual accounts on a going concern basis; and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 39;s report; and ( c ) the Board's report referred to in sub-section (3). 7 [ (8) If a company is in default in complying with the provisions of this section, the company shall be liable to a penalty of three lakh rupees and every officer of the company who is in default shall be liable to a penalty of fifty thousand rupees. ] --------------------- Notes:- 1. Inserted vide THE COMPANIES (AMENDMENT) Act, 2015 - dated 25th May 2015 2. Substituted vide The Companies (Amendment) Act, 2017 Dated 03-01-2018 w.e.f. 31-07-2018, before it was read as, (1) The financial statement, including consolidated financial statement, if any, shall be approved by the Board of Directors before they are signed ..... X X X X Extracts X X X X X X X X Extracts X X X X
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