Directors' Responsibility Statement"

(ii) if employed for part of the financial year was in receipt of remuneration for any part of that year, a1 a rate which, in the aggregate, was not less than such sum per month as may be prescribed; or
(iii) if employed throughout the financial year, or part thereof, was in receipt of remuneration in that year which, in the aggregate, or as the case may be, at a rate which, in the aggregate, is in excess of that drawn by the Managing Director or whole-time Director or Manager and holds by himself or along with his spouse and dependent children not less than two per cent of the equity shares of the company.
[The limits notified under (i) and (ii) above are Rs. 12,00,000 per financial year and Rs. 1,00,000 per month respectively (w.e.f. 25.10.2000)].
Directors' Responsibility Statement"
As per sub-section (2.1A}-of Section 217, the Board's Report shall also include a
\yirectors' J \. standards had been follo~e material departures;
(ii) that the Directors had selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair viewoffhe 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
'\-''\i safeguarding the assets of the company and for preventmg and detecting
fraud and other irregularities;
l ,~n (iv) that the Directors had prepared the annual accounts on a going concern basis-:'
't
\:\t~( Further, Proviso to sub-section (1) of Section 383 A [added by Companies (Amend
~'\J ment) Act, 2000] provides that every company not required to employ a whole-time
\ Secretary under sub-section (1) and having a paid-up share capital of ten lakhs rupees
or more shall file with the Registrar a certificate from a Secretary in whole-time prattice in such form and within such time and subject to such conditions as may be prescribed, as to whether the company has complied with all provisions of this Act and a C
2
Y of
suc~tificate shall be attached with Board's Report referred to in Section 217.
IThe Board's Report and any addendum thereto must be signed by its Ch irman if h~ is authorised in that behalf by the Board or in the alternative, by at ~ast two Directors one of whom must be the Managing Director, where there is one.
Apart from the foregoing previsions of Section 217, Reserve Bank of India has
issued certain directions to be complied with by ~on~nkin~mKanies receiving
deposits, with regard to their report to be attached to every balance s eet to be placed before the shareholders at every annual general meeting. The Board's report of such company shall include the following particulars or information, namely:
(i) the total number of depositors of the company whose deposits have not been
claimed by the depositors or paid by the company after the date on which the