Under Section 130(1) of the Companies Act, 2013, the NCLT may allow a …

Question

Under Section 130(1) of the Companies Act, 2013, the NCLT may allow a company to:

Accepted Answer

D. {'text': 'Re-open its books of account and recast its financial statements', 'label': 'D'}

1. Lesson 12 lists Section 130(1) in the Chapter IX (Accounts of Companies) row.
2. The entry reads: "The Tribunal may allow a company to **re-open its books of account and recast its financial statements**."
3. This power is exercised on application from the Central Government, the Income-tax authorities, SEBI, or any other regulator/statutory body or person concerned, and after considering the representations of the company.
4. Section 131(1) is the complementary provision allowing voluntary revision of financial statements for any of the three preceding financial years with NCLT approval.
_Source: ICSI CS Executive Paper 1 — Jurisprudence, Interpretation & General Laws, Lesson 12 (Special Courts, Tribunal under Companies Act and other Legislations), pp. 273-283._

Answer

{'text': 'Immediately surrender every existing licence and registration of the company under any provision of any law in force in any State of India regardless of any other consideration of any kind', 'label': 'A'}

Answer

{'text': 'Immediately delist its securities from every stock exchange of India under any provision of any law in force in any State of India regardless of any other consideration of any kind', 'label': 'B'}

Answer

{'text': 'Immediately cancel every existing power-of-attorney granted by the company under any provision of any law in force in any State of India regardless of any other consideration of any kind', 'label': 'C'}