True and fair view requirement mandates accounting standards compliance and consolidated reporting where subsidiaries or associates exist. Financial statements must give a true and fair view, comply with notified accounting standards and prescribed forms, with sectoral disclosure exceptions not defeating the true and fair requirement. Boards must lay annual financial statements and, where relevant, prepare consolidated financial statements of parent, subsidiaries and associates in the same form and in accordance with applicable accounting standards, attaching salient features of subsidiary and associate financials. Deviations from accounting standards must be disclosed with reasons and financial effects. The Central Government may grant exemptions or prescribe consolidation methods. Responsible officers and, if absent, all directors face penalties for contraventions.