Section 232 — Approval and authentication of Financial Statements

(1) The
financial statements, including consolidated financial statement, if any, must be
approved by the board of the company and signed on behalf of the board by the chief
executive and at least one director of the company, and in case of a listed company
also by the chief financial officer:

Provided that when the chief executive is for the time being not available in
Pakistan, then the financial statements may be signed by at least two directors:
Provided further that in case of a private company having a paid up capital
not exceeding one million rupees, the financial statements shall also be
accompanied by an affidavit executed by the chief executive if the accounts are
signed by him or by any of the directors if the accounts has been signed by two
directors, as the case may be, that the financial statements have been approved by
the board.

(2) The financial s tatements of a single member c ompany shall be
signed by one director.
(3) Any contravention or default in complying with requirements of this
section shall be an offence liable to a penalty of level 1 on the standard scale.