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of <h1>Companies Can't Reopen Financial Books Without Approval for Fraud, Mismanagement; Limited to Last 8 Years</h1> A company is prohibited from reopening its books of account or recasting its financial statements unless an application is made by the Central Government, tax authorities, regulatory bodies, or concerned individuals, and a court or Tribunal orders it due to fraudulent account preparation or mismanagement casting doubt on financial reliability. The court or Tribunal must notify relevant authorities and consider their representations before issuing an order. Revised accounts are final, and reopening is limited to the past eight financial years unless a longer period is specified by the Central Government.
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