N Ltd wants to revise the financial statements of the Company voluntarily as they have found out certain errors in the statements due to which they are non-compliant with the provisions of the Act. Advise the Company on

Section 131(1) of the Companies Act, 2013 provides that if it appears to the directors of a company that the financial statements of the company or the report of the Board do not comply with the provisions of Section 129 or 134, then they can prepare a revised financial statement or a revised report of the Board in respect of any three preceding financial years after obtaining the approval of the Tribunal on an application made by the company and a copy of the order passed by the Tribunal shall be filed with the Registrar. The Tribunal shall give notice to the Central Government and the Income tax authorities and shall take into account the representations, if any, made by them before passing any order under this section. Such revised financial statements or report shall not be prepared and filed more than once in a financial year. The detailed reasons for revision of such financial statement or report shall also be disclosed in the Board's report in the relevant financial year in which such revision is being made.