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Board of directors must consider annual accounts and approve them before the same are handed over to statutory auditors

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....atutory auditors In the absence of any specific provisions in section 215, like one in the first proviso to section 292(1), the power of the board of directors cannot be delegated to a committee of directors or some of the directors. In case it becomes necessary to modify the accounts, the board of directors must approve the modified accounts before being passed on to the auditors for the purpose....

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Board of directors must consider annual accounts and approve them before the same are handed over to statutory auditors