Voluntary Revision of Financial Statements or Board’s Report
By the advent of Section 131, a newly incorporated provision by the Companies Act, 2013, the companies can now revise their financial statements for the preceding three financial years after obtaining approval of the Tribunal, if it appears to the Board that Financial Statements of the Company or report of the Board do not comply with the provisions of Section 129 or 134.
NCLT has adjudicating power:
Followings are the procedure:
- An application shall be filed in Form No. NCLT-1;
- Advertisement of application at least 14 days before hearing.
- The Tribunal shall issue notice and hear the auditor of the original financial statement, if present auditor is different and after considering the application and hearing the auditor and any other person as the Tribunal may deem fit, may pass appropriate order in the matter.
The Tribunal shall also give notice to the Central Government and the Income-tax Authorities and shall take into consideration their representation, if any, before passing any order.
- Filing of Tribunal Order to ROC within 30 days.
- The revised financial statements along with the statement of auditors or revised report of the Board, as the case may be, shall be filed with the Registrar of Companies within thirty days.
The copies of previous financial statement or report sent to the members or Registrar or which is laid down in the General Meeting, the revision of such statement or report shall be confined to the correction of matter which does not comply with the requirement of Section 129 and 134 and making of any necessary consequential alteration.
The revised financial statement or report shall not be approved or filed more than once in a Financial Year and detailed reasons for such revision of financial statement or report shall be contained in the Board Report of the relevant Financial Year in which such revision is being made.
By Team
For any further queries and clarification, please Contact Us.
0 Comments