Re-opening of accounts on court's or Tribunal's orders.130. (1) A company shall not re-open its books of account and not recast its financial statements, unless an application
in this regard is made by the Central Government, the Income-tax authorities, the Securities and Exchange Board, any other statutory regulatory body or authority or any person concerned and an order is made by a court of competent jurisdiction or the Tribunal to the effect that-
| (i) | - | the relevant earlier accounts were prepared in a fraudulent manner; or |
| (ii) | - | the affairs of the company were mismanaged during the relevant period, casting a doubt on the reliability of financial statements: |
Provided that the court or the Tribunal, as the case may be, shall give notice to the Central Government, the Income-tax authorities, the Securities and Exchange Board or any other statutory regulatory body or authority concerned
[or any other person concerned] and shall take into consideration the representations, if any, made by that Government or the authorities, Securities and Exchange Board or the body or authority concerned
[or the other person concerned] before passing any order under this section.(2) Without prejudice to
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