Section 299, The Companies Act, 2009

(1) If any financial statements of a company (other thanits group financial statement) of which a copy is laid before the shareholders in general meeting or delivered to the Commission do not comply with the requirement of this Act as to the matters to be included in, or in a note to, those financial statements, every person who at the time when the copy is so laid or delivered is a director of the company shall be guilty of an offence and in respect of each offence, be liable to a fine not exceeding Le5,000,000 noncompliance with section 296. Default order in case of non-compliance. laying or delivering defective 226 227 (2) If any group financial statements of which a copy is laid before a company in a general meeting or delivered to the Commission do not comply with section 296 or 297 and with the other requirements of this Act as to the matters to be included in or in a note to those financial statements, every person who at the time when the copy was so laid or delivered was a director of the company (3) In proceedings against a person for an offence under this section, it shall be a defence for him to prove that he took all reasonable steps for ensuring compliance with the requirements in question.