https://www.taxtmi.com/article/detailed?id=5392 The Act creates a framework for re-opening books and recasting financial statements upon a court or Tribunal order when earlier accounts are found fraudulent or company affairs were mismanaged, with mandated notice to regulators and finality of revised accounts. It also permits voluntary revision of financial statements and the Board's report through Tribunal approval when the board believes past statements fail statutory requirements, subject to notice to authorities, limitations on frequency, auditor engagement, shareholder approval, and prescribed filing and disclosure procedures. en-us Mon, 16 Dec 2013 16:07:54 +0530 Mon, 16 Dec 2013 16:07:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=5392 The Act creates a framework for re-opening books and recasting financial statements upon a court or Tribunal order when earlier accounts are found fraudulent or company affairs were mismanaged, with mandated notice to regulators and finality of revised accounts. It also permits voluntary revision of financial statements and the Board's report through Tribunal approval when the board believes past statements fail statutory requirements, subject to notice to authorities, limitations on frequency, auditor engagement, shareholder approval, and prescribed filing and disclosure procedures. Articles Corporate Laws / IBC / SEBI Mon, 16 Dec 2013 16:07:54 +0530 https://www.taxtmi.com/article/detailed?id=5392