In section 134 of the principal Act,—

(a)

or sub-section (1), the following sub-section shall be substituted, namely:-

"(1) The financial statement, including consolidated financial statement, if any, shall be approved by the Board of Directors before they are signed on behalf of the Board by the chairperson of the company where he is authorised by the Board or by two directors out of which one shall be managing director, if any, and the Chief Executive Officer, the Chief Financial Officer and the company secretary of the company, wherever they are appointed, or in the case of One Person Company, only by one director, for submission to the auditor for his report thereon.";

(b)

in sub-section (3),—

(i) for clause (a), the following clause shall be substituted, namely:—

(ii) in clause (p), for the words "annual evaluation has been made by the Board of its own performance and that of its committees and individual directors ", the words "annual evaluation of the performance of the Board, its Committees and of individual directors has been made " shall be substituted;

(iii) after clause (q), the following provisos shall be inserted, namely:—

(c)

after sub-section (3), the following sub-section shall be inserted, namely:—

"(3A) The Central Government may prescribe an abridged Board's report, for the purpose of compliance with this section by One Person Company or small company."