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SHORT ANSWER: The Companies Act 2013 outlines responsibilities in various sections, particularly in Section 134 and Section 177. DETAILS: - Section 134 mandates the Board of Directors to approve the financial statements and ensure they are true and fair. - Section 177 requires the Audit Committee to oversee the financial reporting process and ensure compliance with legal requirements. PUNISHMENT / IMPLICATIONS (if applicable): - Non-compliance can lead to penalties for the company and its officers, including fines and imprisonment. SOURCE: - Companies Act, 2013
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