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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…