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Companies (Amendment) Act, 2000

101. Amendment of section 217.

In section 217 of the principal Act,-

(a) after Explanation to sub-section (2A), the following sub-section shall be inserted, namely:- "(2AA) The Board's report shall also include a Directors' Responsibility Statement, indicating therein,-

(i) that in the preparation of 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 irregularities;

(iv) that the directors had prepared the annual accounts on a going concern basis.";

(b) in sub-sections (5) and (6), for the words "two thousand rupees", the words "twenty thousand rupees" shall be substituted.

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