Section 131 of Companies Act, 2013

131. 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 section 129 or section 134 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 Incometax

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 section 129 or section 134; 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;