TMI Blog2018 (9) TMI 401X X X X Extracts X X X X X X X X Extracts X X X X ..... documents and to make further provisions with respect to the functions of the company’s auditor. It is informed that no such Rule has been framed empowering the Regional Director, Southern Region, Chennai and decide such issue. In the present case, we find that the Tribunal not only failed to notice the aforesaid provision but on wrong presumption forfeited the right of the appellant to file the reply, which was uncalled for. We hope and trust in future the Tribunal will not act in such manner by forfeiting the right of a person to file reply. We set aside the impugned order and allow the respondent/applicant to implead the Central Government, through its Secretary, Ministry of Corporate Affairs, 5th Floor, ‘A’ Wing, Shastri Bhawan, D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssue a private notice to the said Authorities . Pursuant to which the Counsel for the Petitioner has delivered the notice by hand, the proof of which is placed on record . However, till date no objection has been filed by the RD, RoC and the IT Authorities . This fact has also been recorded in the Order dated 15 . 03 . 2018 . In spite of availing the opportunities, the Counsel for the IT Department has not filed the objections even after passing the conditional order that the right of filing the objections shall stand forfeited . It appears from the conduct of the RD, RoC and IT Authorities that they are not interest to file the objections . Therefore, their right of filing the objections stands forfeited . ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mission cannot be accepted as the Regional Director has not been empowered to pass any order on behalf of the Central Government. 4. Section 131 relates to voluntary revision of financial statements or Board s report, which reads as follows: 131 . ( 1 ) If it appears to the directors of a company that - ( a ) the financial statement of the company; or ( b ) the report of the Board, do not comply with the provisions of section 129 or section 134 they may prepare revised financial statement or a revised report in respect of any of the three preceding financial years after obtaining approval of the Tribunal on an application made by the company in such form and manner as may be prescribed and a copy of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a document indicating the corrections to be made; ( b ) make provisions with respect to the functions of the company's auditor in relation to the revised financial statement or report; ( c ) require the directors to take such steps as may be prescribed . 5. Proviso to clause (2) of Section 131 show that the Tribunal is to give notice to the Central government and the Income-Tax Authority. Clause (3) therein makes it clear that the Central Government is empowered to make rules as to the application of the provisions of the Act in relation to revised financial statement or a revised director s report and making different provisions according to which previous financial statements or reports are replaced or are s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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