2019 (10) TMI 1219

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....oluntary revision of Financial Statements of the Petitioner Company for the Financial Year 2017-18. 2. The facts in brief, that are germane for the disposal of this Petition, are as follows: 2.1 The Petitioner Company has called its Annual General Meeting on 29.09.2018 for adoption of accounts for the Financial Year 2017-18. 2.2 The Petitioner Company filed Company Application No. CA(CAA) No. 132 of 2018 on 24.10.2018 before this Tribunal for sanction of the Scheme of Arrangement and Restructuring in the nature of demerger and transfer of Gandhidham Unit of Sumilon Industries Limited with the Petitioner Company with Appointed Date of demerger as 01.04.2017. This Tribunal vide order dated 02.11.2018 allowed the aforesaid Company App....

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....Resolution dated 22.02.2019 approving the decision to prefer present petition seeking revision of Financial Statements of the Petitioner Company pertaining to Financial Year 2017-18. The copy of the Board Resolution is annexed with the petition as Annexure - D. 3. The Petition was admitted on 11.03.2019 and the Petitioner Company published the date of hearing 14 days before the date of hearing in English Daily "Business Standard" Ahmedabad Edition and in Gujarati "Gujarat Guardian" Surat Edition, in accordance with Rule 35 of NCLT Rules, 2016. The Petitioner Company as well as Registry, was directed to issue notice to the Regional Director, North Western Region, ROC, Auditor of the Company and the Income Tax Department and to file proof ....

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.... 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. (2) Where copies of the previous financial statement or report have been sent out to members or delivered to the Registrar or lai....

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.... (a) its registered office, principal business activities, particulars of its holding, subsidiary and associate companies; (b) its shares, debentures and other securities and shareholding pattern; (c) its indebtedness; (d) its members and debenture-holders along with changes therein since the close of the previous financial year; (e) its promoters, directors, key managerial personnel along with changes therein since the close of the previous financial year; (f) meetings of members or a class thereof, Board and its various committees along with attendance details; (g) remuneration of directors and key managerial personnel; (h) penalty or punishment imposed on the company, its ....