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Signing of financial statements by resigned/newly appointed Director

Co Act 2013 2057 views 2 replies

Vijeta Nathani

Student

56 Points Joined September 2013

Dear All,

Please Let me know, if you know anything about my following query..

If a Director resigns on 31/03/2014; Can he Sign the financial Statements of FY 2013-2014. And if New Director gets appointed on 31/3/2014 or 01/04/2014, Can he sign the financial statements of FY 2013-2014? Kindly Reply along with the provisions or Sections related to it.

Regards,
Vijeta

Replies (2)

P C Agrawal

Registered independent director Past Ch

8229 Points Joined March 2007

I do not know whether I know the answer or not. But I will try.

Financial statements have to be approved by the Board and signed by persons specified in Sec.134(1) of CA 2013. Hence only the directors on the date of approval can be authorised to sign it.

Vijeta Nathani

Student

56 Points Joined September 2013

But in case, if i am a newly appointed director and I sign the financial statements. And In case, later on, it is proved that financial statements does nt show the true and fair view or there is a kind of window dressing. Will I be held liable for punishment? Or can i give reason that I was not a Director for the FY that statements belong to?