law: Companies (Amendment) Act, 2000
  101.
  
  Amendment of section 217.
  In
  
  section 217 of the principal Act,-
  (a)
  
  after Explanation to sub-section (2A), the following sub-section shall be
  
  inserted, namely:- "(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 prudent
  
  so as to give a true and fair view of the state of affairs of the company at
  
  the end of the financial year and of the profit or loss of the company for that
  
  period;
  (iii)
  
  that the directors had taken proper and sufficient care for the maintenance of
  
  adequate accounting records in accordance with the provisions of this Act for
  
  safeguarding the assets of the company and for preventing and detecting fraud
  
  and other irregularities;
  (iv)
  
  that the directors had prepared the annual accounts on a going concern
  
  basis.";
  (b)
  
  in sub-sections (5) and (6), for the words "two thousand rupees", the
  
  words "twenty thousand rupees" shall be substituted.