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Companies Act 2013 - Recasting and reopening of Books of Accounts

Sec 130 of the Companies Act 2013 prescribes that a company may apply to the Central Government / SEBI / Income Tax authorities or any other statutory regulatory body to re-open and re-cast the financial statements if:
a) the relevant earlier accounts were prepared in fraudulent manner or
b) the affairs of the company were mismanaged in the relevant period, casting a doubt on the reliability of financial statements

If the competent court or tribunal passes an order to re-open and recast the financial statements, the company may do so.

The accounts so revised or recast shall be final.

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