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LegAccord. Premium Vector | Handsome business man having a good idea young businessman cartoon character.
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Legal Requirement under Companies Act 2013. Under Section 134 of the Companies Act, 2013: Board of directors are required to approve financial statements of the company every financial year. These financial statements include Director’s Responsibility Statement as well and needs to be signed by chairman of the board, 2 directors (1 MD), CEO, CFO and company secretary. Under Section 134(5f) of the Companies Act, 2013: Directors to confirm in the financial statements and board’s report they have devised proper systems to ensure compliance with all applicable laws and such systems are operating effectively. Any contravention of the above provision is punishable with fine from ₹ 50 thousands to ₹ 25 lakh and every officer in default shall be punishable with imprisonment for a term up to 3 years or with fine of ₹ 50 thousands ₹ 5 lakh, or with both..
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Is compliance only the responsibility of legal & compliance departments?.