Mithi Sugar Limited has on its Board, four directors viz A, B, C and D. In addition, the company has Mr. R as the Managing Director. The company also has a full time Company Secretary, Mr. Anupam, on its rolls. The finan

CS Executive · Company Law and Practice · PYQS · December 2023
Mithi Sugar Limited has on its Board, four directors viz A, B, C and D. In addition, the company has Mr. R as the Managing Director. The company also has a full time Company Secretary, Mr. Anupam, on its rolls. The financial statements of the company for the year ended 31st March, 2023 were authenticated by two of the directors, Mr. A and Mr. B under their signatures. Referring to the provisions of the Companies Act, 2023: What would be your answer in case the company is a One Person Company (OPC) and has only one Director, who has authenticated the Financial Statement including Balance Sheet and Statement of Profit & Loss and the Board's Report?

Answer & Explanation:

As per section 134(1) of the Companies Act, 2013, in case of a One Person Company, the financial statements shall be signed by only one director, for submission to the auditor for his report thereon. In the given case, the financial statements including Balance Sheet and Statement of Profit & Loss and Board's Report should be signed by one director and hence, the authentication is in order.

Topics: Company Law

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