Accordingly, Revision of accounts is only possible in accordane with section 220 read with MCA General Circular no. 1/2003 reproduced hereunder:-

General Circular No: 1/2003

No.17/75/2002-CL.V

Government of India

Ministry of Finance and Company Affairs

Department of Company Affairs

5^th floor, `A' Wing, Shastri Bhavan,

Dr. Rajendra Prasad Road, New Delhi-110 001.

Dated: 13^th January, 2003

All Regional Directors

All Registrars of Companies

Subject:- Reopening/revision of annual accounts after their adoption in the annual general meeting.

.....

Sir,

In partial modification of earlier view on re-opening/revision of annual accounts, this Department had clarified in 1987 that a company could reopen and revise its accounts even after their adoption in the annual general meeting in order to comply with technical requirements of taxation laws and further adopt the revised annual accounts in the subsequent annual general meeting and file with the Registrar of Companies.

2. Recently it has come to notice of the department that insurance companies, pursuant to directions for revision of accounts by Insurance Regulatory and Development Authority (IRDA) are required to reopen their accounts.

3. It is hereby clarified that a company could reopen and revise its accounts even after their adoption in the annual general meeting and filing with the Registrar of Companies in order to comply with technical requirements of any other law to achieve the object of exhibiting true and fair view. The revised annual accounts would be required to be adopted either in the extraordinary general meeting or in the subsequent annual general meeting and filed with the Registrar of Companies.

Yours faithfully,

(E. Selvaraj)

Joint Director (T)

(Ph: 2338 3452)