27.3.77 National Company Law Tribunal Rules, 2016
77. Application under section 131.-
(1) Where it appears to the directors of a company that the financial statement of the company or the report of the Board do not comply with the provisions of section 129 or section 134, the application shall be filed in within fourteen days of the decision taken by the Board.
(2) In case the majority of the directors of company or the auditor of the company has been changed immediately before the decision is taken to apply under section 131, the company shall disclose such facts in the application.
(3) The application shall, inter alia, set forth the following particulars, namely,-
(a) financial year or period to which such accounts relates;
(b) the name and contact details of the Managing Director, Chief Financial Officer, directors, Company Secretary and officer of the company responsible for making and maintaining such books of accounts and financial statement
(c) where such accounts are audited, the name and contact details of the auditor or any former auditor who audited such accounts;
(d) copy of the Board resolution passed by the Board of Directors;
(e) grounds for seeking revision of financial statement or Board’s Report.
(4) The company shall at least fourteen days before the date of hearing advertise the application in accordance with rule 35.
(5) The Tribunal shall issue notice and hear the auditor of the original financial statement, if present auditor is different and after considering the application and hearing the auditor and any other person as the Tribunal may deem fit, may pass appropriate order in the matter.
(6) A certified copy of the order of the Tribunal shall be filed with the Registrar of Companies within thirty days of the date of receipt of the certified copy.
(7) On receipt of approval from Tribunal a general meeting may be called and notice of such general meeting along with reasons for change in financial statements may be published in newspaper in English and in vernacular language.
(8) In the general meeting, the revised financial statements, statement of directors and the statement of auditors may be put up for consideration before a decision is taken on adoption of the revised financial statements.
(9) On approval of the general meeting, the revised financial statements along with the statement of auditors or revised report of the Board, as the case may be, shall be filed with the Registrar of Companies within thirty days of the date of approval by the general meeting.