Board's report.

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....een the end of the financial year of the company to which the balance sheet relates and the date of the report;]      [4][(e) the conservation of energy, technology absorption, foreign exchange earnings and outgo, in such manner as may be prescribed]. (2) The Board's report shall, so far as is material for the appreciation of the state of the company's affairs by its members and will not in the Board's opinion be harmful to the business of the company or of any of its subsidiaries deal with any changes which have occurred during the financial year      (a) in the nature of the company's business;      (b) in the company's subsidiaries or in the nature of the business carried on....

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....bsp;      (ii) such other particulars, as may be prescribed. Explanation. "Remuneration" has the meaning assigned to it in the Explanation to section 198.]      [9][(2AA) The Board's report shall also include a Directors' Responsibility Statement, indicating therein,           (i) that in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;           (ii) that the directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prude....

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....s to take all reasonable steps to comply with the provisions of sub-sections (1) to (3), or being the chairman, signs the Board's report otherwise than in conformity with the provisions of sub-section (4), he shall, in respect of each offence, be punishable with imprisonment for a term which may extend to six months, or with fine which may extend to [11][twenty thousand rupees], or with both: Provided that no person shall be sentenced to imprisonment for any such offence unless it was committed wilfully: Provided further that in any proceedings against a person in respect of an offence under sub-section (1), it shall be a defence to prove, [12][* * *] that a competent and reliable person was charged with the duty of seeing that the provis....