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TMI Blog2022 (11) TMI 1453X X X X Extracts X X X X X X X X Extracts X X X X ..... ared and issued by M/s Rakesh Choksi and Company, Chartered Accountant on 10.09.2020. The same has been duly approved by the Board of the Company on 10.09.2020. It is noted that notices have been issued to the Regional Director, the Registrar of Company and the Income Tax Department and the observations of Regional Director has been duly replied by the Applicant Company. It is also noted that there are no pending dues of Income Tax Department with respect of the Applicant Company. Hence, the present Application is complied with sub-section 1 and 2 of Section 131 of Companies Act, 2013. Application allowed. - DR. MADAN B. GOSAVI, MEMBER (JUDICIAL) AND KAUSHANLENDRA KUMAR SINGH, MEMBER (TECHNICAL) Learned Advocate, Ms. Natasha Dhruman Shah ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Sheet ended on 31.03.2019. (iii) The reasons for filing this application for rectification of the Financial Statement are as under: (a) In the Original Financial Statements, the sale of fixed assets of Rs.1,05,31,000/- sold during F.Y. 2018- 19 have been erroneously shown in sales account instead of Plant and Machinery account. Due to which sales and fixed assets have been overstated and net loss has been under stated by Rs.1,05,31,000/-. (b) Depreciation of Rs.14,62,303/- on Fixed Assets sold have been determines at full rate, and thus by the rate of Rs.14,62,303/- net loss has been over stated and fixed assets have been under stated. (c) Other Adjustment due to calculation of depreciation of Rs.3,62,287/- has erroneously not been consid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... plicant Company is a closely held company with one director and his family members as shareholders of the company. The proposed revision of financial statement ended as on 31.03.2019 does not affect any creditors (secured or unsecured) and public interest. (vi) In response to the notice received from the Applicant Company the Registrar of Companies, Gujarat filed its report/observations dated 29.12.2021 wherein the Regional Director made the following observations; (a) The first observation of the RD is that the Company has filed Balance Sheet as at 31.03.2019 and 31.03.2020 with the AOC-4 in the MCA21 Portal vide SRN R20277786 and T04036000 on 30.11.2019 and 23.02.2021, respectively, wherein cash flow statement as per the requirement of Se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... icant with Surat Co-Operative Bank is an overdraft account which remains in credit and is being used as a current account. The Applicant Company further submitted that this observation pertaining to creation, modification or satisfaction of charges would not have any bearing to the present application as the present case is related to re-opening of audited accounts. (c) The third observation of the RD that the Applicant has failed to file a Return for the financial year ending on 31.03.2019 and 31.03.2020 in the prescribed e-form DPT-3 as per the requirement of Rule 16 and 16A of the Companies (Acceptance of Deposits) Rules, 2014. The Applicant Company in response to this observation has stated that it has admitted that the company has fail ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... x audit report prepared and issued by M/s Rakesh Choksi and Company, Chartered Accountant on 10.09.2020. The same has been duly approved by the Board of the Company on 10.09.2020. It is noted that notices have been issued to the Regional Director, the Registrar of Company and the Income Tax Department and the observations of Regional Director has been duly replied by the Applicant Company. It is also noted that there are no pending dues of Income Tax Department with respect of the Applicant Company. Hence, the present Application is complied with sub-section 1 and 2 of Section 131 of Companies Act, 2013. Hence, we allow this present application. 5. The revised financial statement shall be filed with the concerned Registrar of Companies, Guj ..... X X X X Extracts X X X X X X X X Extracts X X X X
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