Piyush Lalwani (AM) (92 Points)
14 March 2011can whole time director sign balance sheet when there is a MD in the company.
I saw a B/S which was signed by secretary+Whole Time Director+Director
whereas the director report was signed by chairman cum md
Is it possible when sec.215 requires it to be signed by 2 directors one of whom should be a MD
does MD here includes Whole Time Director?
Jayashree S Iyer
(Company Secretary)
(3224 Points)
Replied 15 March 2011
MD here means MD only and not any other WTD.
As per Section 215 where the company has a MD, the balance sheet & profit and loss account shall be signed by secretary and by not less than two directors one of whom shall be a MD.
In your case since the company has MD the balance sheet & profit and loss account must be signed by MD,
SANTOSH SHAH
(Company Secretary)
(754 Points)
Replied 15 March 2011
| Originally posted by : Jayashree S Iyer | ||
 |
MD here means MD only and not any other WTD. As per Section 215 where the company has a MD, the balance sheet & profit and loss account shall be signed by secretary and by not less than two directors one of whom shall be a MD. In your case since the company has MD the balance sheet & profit and loss account must be signed by MD, |
 |
Agreed with Jayshree Iyer Ma'm.
regards
Santosh Shah
CS Ankur Srivastava
(Company Secretary & Compliance Officer)
(17853 Points)
Replied 15 March 2011
Agree, MD has to sign and it does not include WTD.
Piyush Lalwani
(AM)
(92 Points)
Replied 15 March 2011
WTD has signed the B/S of Sterlite Industries (India) Ltd., a sens*x-30 company.
Jayashree S Iyer
(Company Secretary)
(3224 Points)
Replied 16 March 2011
It may be an exceptional case falling under Section 215(2) where MD is out of India and the Board has approved the signing of accounts by WTD. But in such a case a statement stating the reason for non-compliance is to be attached.
Others views are solicited.
Regards,
Jayashree
CAclubindia
