Chairman cannot attend bm where financials are approved

Akanksha Gupta (Company Secretary) (70 Points)

24 May 2017  

Good Afternoon everyone,

In a Pvt. Ltd. Company, the Chairman cannot attend the Board Meeting where Financials are to be approved. Section 134 (1) states that

"The financial statement, including consolidated financial statement, if any, shall be approved by the Board of Directors before they are signed on behalf of the Board at least by the chairperson of the company where he is authorised by the Board or by two directors out of which one shall be managing director and the Chief Executive Officer, if he is a director in the company, the Chief Financial Officer and the company secretary of the company, wherever they are appointed, or in the case of a One Person Company, only by one director, for submission to the auditor for his report thereon."

The Company does not have Managing Director either.

In this case, is Chairman's signature necessary? or any two directors present at the meeting can sign the financials?

Looking forward to your views.

Thanks and Regards

Akanksha Gupta