Restatement of Accounts

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 September 2010 We have recently (31.03.2010 period) got our statutory accoutns for a company signed for the first year. The first year was for 18 months as per the companies act provision. On signing by auditors we have adopted the accounts in AGM as well as filed with ROC(We filed with ROC on the last of permission and even accoutns were adopted in AGM on the last date of statutory period allowed).

Now we want to restate the accoutns for the period ended 31.03.2010 by incorporating certain left out expenses.
-Can we do now and if yes which section of the concerned acts allow this.-Please elobarate.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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07 September 2010 It cannot be restated since accounts are adopted by shareholders in AGM and ROC returns had been filed.

Querist : Anonymous

Querist : Anonymous (Querist)

07 September 2010 Please refer to section 210. It seems possible.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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07 September 2010 My observation is as per opinion of ICAI in Compendium of Opinions Volume-XV1 ,Page 113.

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