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of <h1>Section 134 of Companies Act, 2013: Board Approval Required for Financial Statements; Non-Compliance Leads to Penalties.</h1> Section 134 of the Companies Act, 2013 mandates that a company's financial statement, including any consolidated financial statements, must be approved by the Board of Directors before being signed and submitted to the auditor. The Board's report, attached to the financial statement, must include details such as the number of board meetings, a Directors' Responsibility Statement, fraud details, and policies on director appointments and remuneration. It also requires explanations on auditor qualifications, loans, related party transactions, and corporate social responsibility initiatives. Non-compliance with these provisions results in penalties for both the company and its officers.
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