Write notes on the following: Re-opening of books of account

Section 130 of the Companies Act, 2013 deals with the provisions relating to re-opening of books of accounts. A company shall not re-open its books of account and not recast its financial statements, unless an application in this regard is made by the Central Government, the Income tax authorities, the Securities and Exchange Board, any other statutory regulatory body or authority or any person concerned or any person concerned and an order is made by a court of competent jurisdiction or the Tribunal to the effect that- The relevant earlier accounts were prepared in a fraudulent manner; or The affairs of the company were mismanaged during the relevant period, casting a doubt on the reliability of financial statements. The court or the Tribunal, as the case may be, shall give notice to the Central Government, the Income tax authorities, the Securities and Exchange Board or any other statutory regulatory body or authority concerned and shall take into consideration the representations, if any, made by that Government or the authorities.