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of <h1>Reopening company books and recasting financial statements allowed only for fraud or mismanagement findings, with notice and eight-year cap.</h1> A company is prohibited from re-opening its books of account or recasting its financial statements unless, on an application by the Central Government, Income-tax authorities, SEBI, another statutory regulator or authority, or any person concerned, a court of competent jurisdiction or the Tribunal orders such re-opening on finding that the earlier accounts were prepared fraudulently or that mismanagement during the relevant period casts doubt on the reliability of the financial statements; before making the order, notice must be given to the relevant authorities or persons and their representations considered. Accounts revised or re-cast pursuant to such order are final. No order may be made to re-open books for a period earlier than eight financial years immediately preceding the current financial year, unless a longer retention direction under section 128 permits re-opening within that longer period.
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