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1 Answers
RaviRavi Staff answered 11 months ago

Case explains how fake entry of provision is passed. This is fraud by officer or employee on the company hence reporting is required under clause 10 of CARO, clause 13 is for related party transactions
it is also have explanation similar to 131
both 131 & 132 are under assumption that suspicious activities were probed and fraud by officer or employee  was detected 
if in schedule iii balance sheet we have share capital of 100 lakhs and negative balance of 40 lakhs, we will net it off and share holders fund will be net 60, earlier negative balance was shown on asset side as per old schedule VI of company act 1956

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