Rocky Images Ltd. has Varun, -Chief Financial Officer (CFO) and Prateek- Managing Director (MD). There is no wholetime director in charge of finance in the company. Varun (CFO) is of the opinion that if there is any alle

The persons responsible to take all reasonable steps to secure compliance by the company with the requirement of Section 129(7) of the Companies Act 2013, are: Managing Director; Whole-Time Director in charge of finance; CFO; Other person of a company charged by the Board with the duty of complying with the requirements of section 129. Where any of the aforementioned officers are absent, all the directors shall be responsible and punishable. Therefore, as there is no whole-time director in charge of finance in the company all the directors including MD and CFO will be held responsible and punished. Hence, Mr. Varun CFO and Mr. Prateek, MD will be held responsible and punished.