AI Structured Summary
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Judgment
Representative for the Applicant is present. There is no representation on behalf of the Ministry of Corporate Affairs. However a reporting has been filed by the MCA through the Regional Director, wherein the 'Account Treatment' suggested is as per AS-5, as the amount involved is microscopic.
However, the Representative for the Applicant has submitted that in the present matter whether the amount is small or big, the Company has to set right the accounts giving the 'true and fair' view.
Therefore, the report of the MCA submitted through the Regional Director does not provide the suitable solution to the prayer made by the Applicant.
In the circumstances, the Application stands allowed and the Applicant Company is Reunitted to revise the financial statements (including Cash Flow statement and the Director's Report and Notes forming part of the accounts) corresponding to the Financial Year 2015-2016 of the Company. Consequently, the report of the Directors for the following year shall disclose the revision in the Financial Year 2015-2016. Accordingly, the Application stands disposed of.