In above case there is one practical case as below,
Current F.Y. 2017-18
Previous three F.Y. 2016-17, 2015-16 and 2014-15
As per literal interpretation Director can revise following three F.Y. Financial Statement or Board Report.
But also as per your video lecture company’s director can revise financial statement without approval of tribunal for Section 131 if it is not presented in AGM and/or not Approved by member in that meeting.
So in practical life generally Financial statement took time to get prepared and approved by Members in AGM.
So can we say for interpretation of law that company can revise any three preceding F.Y. for which financial statements are approved by members in AGM.
So company can revise in current F.Y. 2017-18 financial statement of F.Y. 2013-14, 2014-15 & 2015-16 as Financial statement of F.Y. 2016-17 is not approved by members or not presented in AGM.
Till the approval of Financial statement for F.Y. 2016-17 company can revise Financial statement of F.Y. 2013-14 or not??
Also in some listed companies in practical life financial statement of so many past years is not approved and putted into the company due to any some reasons,
Say for example in Teledata Informatics Limited last financial statement approved by members for F.Y. 2010-11 as per my knowledge and now the company may be in delisting process.
In such case can company’s director revise if they want old financial statement for the year proceeding as in above case for F.Y. 2008-09, 2009-10 and 2010-11 in current F.Y. 2017-18??
Hello so question is how to determine 3 years. So do they mean literally speaking 3 preceding financial year or do they mean 3 preceding financial years whose fianancial statements are passed on AGM.
Ok my opinion is 3 years means immediately preceding 3 financial years. Now if they have not passed them in AGM it’s not problem of section. Section is drafted keeping in mind normal circumstances not rare situations. So if no AGMs in past 3 years then this section 131 will not be of much use as financial statements can be revised anytime.