TaxTMI 
TaxTMI 
Substitution of section 24.
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....transferred to or from such reserves. (2) The Board shall, for every financial year after the financial year in which the provisions of section 136 of the Finance Act, 2021 come into force, cause to be maintained- (a) a participating policy-holders fund, to which all receipts from participating policy-holders shall be credited and from which all payments to such policy-holders shall be made; and (b) a non-participating policy-holders fund, to which all receipts from non-participating policy-holders shall be credited and from which all payments to such policy-holders shall be made: Provided that the members, by resolution in a general meeting, may exempt maintenance of such funds for one financial year at ....
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....e provisions of sub-section (1) or sub-section (2) or sub-section (3), in respect of a zonal office or a divisional office, other than the central office, or a branch of the Corporation, whether within or outside India, if proper books of account relating to the transactions effected at such office or branch, are kept thereat and proper summarised returns are sent periodically to the central office or the corresponding zonal office or the corresponding divisional office, or to the other place referred to in sub-section (4). (6) The books of account and other relevant books and records referred to in sub-section (1) or sub-section (2) or sub-section (3) may be kept in electronic form, in such manner as the Board may determine. ....
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.... sub-section (2), prepare a consolidated financial statement of the Corporation in conformity with the requirements referred to in sub-section (1), and shall place the same before the annual general meeting, along with the placing of its financial statements under sub-section (2): Provided that the Corporation shall also attach along with its financial statements, a separate statement containing the salient features of the consolidated financial statement. (4) The provisions of this Act applicable to financial statements under sub-section (1) and under section 24C, the inquiry by the auditor into matters referred to in and making of the auditor's report on accounts under section 25B, and adoption of financial statements un....
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....y the Board, which shall include- (a) number of meetings of the Board; (b) a Directors' Responsibility Statement; (c) details in respect of frauds reported by auditors; (d) a statement on declarations given by independent directors under the second proviso to sub-section (3) of section 4; (e) the Corporation's policy on directors' appointment, including the criteria for determining qualifications, positive attributes and independence of a director, which are referred to in section 19B; (f) explanations or comments by the Board on every qualification, reservation or adverse remark or disclaimer made in the auditor's report; (g) particulars in respect of investments in terms of th....
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....n. (2) The Directors' Responsibility Statement referred to in clause (b) of sub-section (1) shall state that- (a) in the preparation of the annual accounts, the requirements referred to in section 24B were followed, along with proper explanation relating to material departures; (b) accounting policies were selected and applied consistently and the judgments made and estimates were reasonable and prudent, so as to give a true and fair view of the state of affairs of the Corporation at the end of the financial year and of the profit and loss of the Corporation for that period; (c) proper and sufficient care for the maintenance of adequate accounting records was taken in accordance with the provisions of thi....