|Originally posted by :NEHA JAIN
||In case where there are 2 Managing Director, 1 chairman and 5 directors in a compnay,whether both the MD should sign the balance sheet as per section 215 ?
Also clarify whether chairman of the company is mandatorily required to sign balance sheet as required by section 215 ?
As per the language of Section 215 of the Companies Act, 1956 Balance Shet & Profit and loss account of a Company other than Banking Company should be authenticated on behalf of the Board of Directors. The following persons can sign it -
1. Manager or Secretary (if any)
2.at least 2 Directors - One of whom shall be a M.D Where there is one
Thus if there is a MD, then he must authenticate the Balance Sheet and P/L Account. where there are more than one MD still it is suuficient if it is signed by one MD.
So far as Chairman is concerned , it is not mandatory for him to sign but it is possible when there is Chairman cum Managing Director i.e. CMD.
Hope the explanation will be as per your requirement