26 June 2012
The requirement of signing the accounts by MD is mandatory if company have MD. It has not, however, to be interpreted so rigidly that if MD is out of station, the annual accounts can not be signed by 2 directors. If MD is unable to attend the Board meeting at which accounts are to be approved by the board, he can sign them subsequently; but if he is not going to be able to sign for a long time, the Board may authorize any 2 or more directors to sign the accounts.
26 June 2012
In accordance with the Section 215 of the Companies Act, 1956, the Annual accounts are to be signed by the Secretary or Manager and two Directors one whom shall be MD if any.
If you go by Section 215(2) of the Companies Act, then the available directors can sign the balance Sheet stating the reason for the non compliance of Section 215(1).