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The
Board's Report shall also include a Director's
Responsibility Statement, indicating therein:
i)
that in 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
judgements 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 safegaurding 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.
By
the aforesaid provision all Directors, both Whole-time
and partime shall be collectively responsible
for compliance with the above.
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