What are the provisions with respect to signing of financial statements under the Companies Act, 2013?

Question

A private company is not required to appoint an independent director, whereas Section 135(1) states that the CSR Committee should have at least one independent director. Do private companies need to appoint an independent director to comply with this section?

Answer 1

As per section 134(1), Financial Statement is required to be signed by:
- the chairperson of the company where he is authorised by the Board or by two directors out of which one shall be managing director;
- the Chief Executive Officer, if he is a director in the company,
- the Chief Financial Officer; and
- the company secretary of the company, wherever they are appointed,
In the case of a One Person Company, the Financial Statement is required to be signed only by one director.