Voluntary revision of financial statements or Board's report

(1) If it appears to the directors of a company that—

(a)   the financial statement of the company; or
(b)   the report of the Board,

do not comply with the provisions of or they may prepare revised financial statement or a revised report in respect of any of the three preceding financial years after obtaining approval of the Tribunal on an application made by the company in such form and manner as may be prescribed and a copy of the order passed by the Tribunal shall be filed with the Registrar:

Provided that the Tribunal shall give notice to the Central Government and the Income-tax authorities and shall take into consideration the representations, if any, made by that Government or the authorities before passing any order under this section:

Provided further that such revised financial statement or report shall not be prepared or filed more than once in a financial year:

Provided also that the detailed reasons for revision of such financial statement or report shall also be disclosed in the Board's report in the relevant financial year in which such revision is being made.

(2) Where copies of the previous financial statement or report have been sent out to members or delivered to the Registrar or laid before the company in general meeting, the revisions must be confined to—

(a)   the correction in respect of which the previous financial statement or report do not comply with the provisions of or ; and
(b)   the making of any necessary consequential alternation.

(3) The Central Government may make rules as to the application of the provisions of this Act in relation to revised financial statement or a revised director's report and such rules may, in particular—

 

(a)   make different provisions according to which the previous financial statement or report are replaced or are supplemented by a document indicating the corrections to be made;
(b)   make provisions with respect to the functions of the company's auditor in relation to the revised financial statement or report;
(c)   require the directors to take such steps as may be prescribed.