23 December 2013
I have one query relating to Revising / reopening of Accounts after their adoption in AGM if you can help me out than I will be thankful to you.
If the Company has adopted its audited accounts for the year ended 2011-12 in AGM held on September, 2012 & also filed Form 23AC & 23ACA (XBRL) but there is material error in the accounts which was noticed by the new auditor who has been appointed in the AGM held on 30/09/2013.Now Company wants to revise its accounts for the year ended 2011-12 & which can be done as per MCA Circular No.1/2003 dated 13th January, 2003 & MCA Circular No.5/2010 (attached herewith for your reference), but form 23AC & 23ACA can not be revised. So, can we submit the physical copy of balance sheet & profit & loss account along with covering letter stating that the revised balance sheet has been adopted in extra ordinary general meeting by the members as per the aforesaid circular ? or we can not revised the accounts ?
Your early reply on this will be highly appreciated.
22 July 2025
Regarding revising or reopening accounts after adoption in AGM, here’s a detailed explanation:
Background: The company adopted audited accounts for FY 2011-12 in AGM held in Sept 2012. Form 23AC & 23ACA (XBRL) were filed accordingly. New auditor appointed in Sept 2013 notices a material error in the accounts of 2011-12. Company wants to revise those accounts now. Applicable Rules & Circulars: MCA Circular No. 1/2003 dated 13th Jan 2003 Permits reopening of accounts even after adoption by the shareholders in AGM only in exceptional circumstances involving material fraud or error. Requires the company to follow due procedure including passing necessary resolutions. MCA Circular No. 5/2010 Reiterates the procedure for revision/reopening of financial statements. Emphasizes that such revision should be in the interest of transparency and fairness. Key Points: Form 23AC & 23ACA (XBRL) filed with MCA cannot be revised electronically for the same financial year once submitted. However, accounts can be revised and re-adopted in an Extraordinary General Meeting (EGM). After re-adoption, the company can submit physical copies of revised Balance Sheet and P&L Account to MCA along with: A covering letter explaining the revision A certified copy of the EGM resolution approving the revised accounts Reference to MCA Circulars permitting revision What you should do: Convene an EGM to approve the revised accounts for FY 2011-12 formally. Prepare revised financial statements incorporating the corrections. Submit physical copies of the revised Balance Sheet and P&L A/c with: Covering letter mentioning the MCA circulars and reason for revision Certified copy of EGM resolution adopting revised accounts Maintain proper record of the revision process for future reference and audit. Important Notes: While MCA currently does not allow e-filing of revised Form 23AC/23ACA, submission of physical copies with proper documentation is the accepted practice. The company should also disclose the revision in the next annual return and annual accounts filed. The auditor should issue an appropriate report on the revised accounts. If the material error is due to fraud, additional compliances may be required as per Companies Act.
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