Section 16. In section 227 of the principal Act, in sub-section (3),

16. In section 227 of the principal Act, in sub-section (3),— (i) after clause (c), the following clause shall be inserted, namely:— "(d) whether, in his opinion, the profit and loss account and balance sheet comply with the accounting standards referred to in sub-section (3C) of section 211." of 1999] 49 (ii) in sub-section (4), for the word, brackets and letter "and (c)", the brackets, letters and word "(c) and (d)" shall be substituted.