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of <h1>Section 217 of Companies Act, 1956: Board Report Must Accompany Balance Sheet; Non-Compliance Leads to Penalties.</h1> Section 217 of the Companies Act, 1956 mandates the attachment of a Board of Directors' report to every balance sheet presented at a company's general meeting. This report must cover the company's affairs, proposed reserves, recommended dividends, and any significant financial changes. It should also address energy conservation, technology absorption, and foreign exchange matters. The report must include details of employees receiving high remuneration and a Directors' Responsibility Statement. Directors must ensure compliance with these provisions, and failure to do so can result in penalties, including fines or imprisonment, particularly if non-compliance is willful.
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