Section 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 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.

1. Ins. by Act 1 of 2018, s. 34 (w.e.f. 9-2-2018).
2. Ins. by s. 34, ibid. (w.e.f. 9-2-2018).

(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 i n 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 wh ich 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.