Vishal Ltd., an unlisted company, has been directed by the Central Government to prepare periodical financial results and undergo a limited review…

(a) Periodical Financial Results [Section 129A of the Companies Act, 2013] The Central Government may, require such class or classes of unlisted companies, as may be prescribed,: (a) to prepare the financial results of the company on periodical basis and in prescribed form (b) to obtain approval of the Board of Directors and complete audit or limited review of such periodical financial results in the prescribed manner; and (c) file a copy with the Registrar within a period of thirty days of completion of the relevant period with such fees as may be prescribed. Therefore, the objection of the Board of Directors on the ground that as Vishal Ltd. is an unlisted company, periodical financial results need not be prepared, is not correct. Section 129A clearly specifies that the prescribed class(es) of unlisted companies has to prepare Periodical Financial Results.