Stay abreast with the latest developments in the professional domain along with in-depth analysis through the monthly BCA Journal. Get access to an engaging library of researched publications from the BCAS stable.
Learn MoreExplore past issues of BCA Journal & indulge in a treasure trove of high-quality professional content across format of print, videos & learning events from the BCAS stable.
Learn More
9. Cameron Manufacturing (India) P. Ltd. vs. Regional Director
NCLT Chennai, Order dated 4 June 2026
CP(CA)/155(CHE)/2021)
Where petitioner company sought to revise its FY 2019-20 financial statements to reclassify Rs. 13.99 crores within current assets due to inadvertent error, and fulfilment of statutory requirements was established, permission was granted for such revision subject to applicable accounting standards and liabilities, while further revision for FY 2020-21 was barred as per law.
GIST:
NCLT Chennai permits a company to voluntarily revise its adopted financial statements for FY 2019–20 under Section 131 of the Companies Act, 2013 to correct inadvertent misclassifications and consequential disclosures, while clarifying limits on further revisions for the subsequent year. The Tribunal found the errors to be clerical and confined to reclassification within current assets, held that the statutory procedure under Section 131 and Rule 77 was satisfied, and imposed standard safeguards (shareholder approval, filing with ROC disclosure in Board’s Report). The order preserves the right of other authorities to take action (including tax or compounding), and notes that an
