Pursuant to Section 215(1) Managing Director must be a signatory to Balance Sheet where there is a MD in a company. BUt what is the intention behind this ? What would be the consequences if the financial statements are signed by 2 Directors as the MD happens to be a foreign national and not in India.
Will it be so that if he does not sign, he will not be liable for any misstatements etc.
The section does not impose any fine or penalty -- to be noted.
Please provide your views.
Regards,
Signing of accounts by md
Dipjyoti Majumdar (CA in service & CS. dipmaj@ rediffmail.com ) (3468 Points)
19 April 2012
CAclubindia
