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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Board Must Approve Annual Accounts Before Audit Submission; No Delegation Allowed u/s 215.</h1> The board of directors is required to review and approve the company's annual accounts before they are submitted to statutory auditors. This responsibility cannot be delegated to a committee or select directors, as there are no provisions in section 215 allowing such delegation, unlike section 292(1). If modifications to the accounts are necessary, the board must approve these changes prior to audit submission. While committees may handle routine management tasks to avoid frequent board meetings, the approval of annual accounts is not considered routine and must be directly handled by the full board before presentation to shareholders.
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