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Declaration of solvency must be signed by at least how many directors, one of whom must be the MD (if any)?
AOne
BTwo
CThree
DAll directors
Answer & Solution
Correct answer: B. Two
1. Step 1: Per Sec 68 and Ch 12, declaration of solvency must be signed by at least two directors.
2. Step 2: One of the signing directors must be the Managing Director, if there is one.
3. Step 3: Hence (B).
_Source: ICAI BoS CA Inter Paper 1, Ch 12 "Buy-Back of Securities"_