In August 2025, Mr. Raj, a financial consultant to Bright Retail Ltd., advised the Board of directors of the company to revise its financial…

(a) As per section 131 of the Companies Act, 2013, if it appears to the directors of a company that: (a) the financial statement of the company does not comply with the provisions of section 129; or (b) the report of the Board does not comply with the provisions of section 134 they may prepare revised financial statement or board's report in respect of any of the 3 preceding financial years after obtaining the approval of the Tribunal on an application made by the company within fourteen days of the decision taken by the Board. A certified copy of the order of the Tribunal shall be filed with the Registrar of Companies within 30 days of the date of receipt of the certified copy. In this case, since the financial statements for 2022-23 fall within the three preceding financial years, Bright Retail Ltd. can revise these financial statements, provided that the Board obtains the Tribunal's approval within fourteen days of the decision taken by the Board. This procedure must be adhered to in order to comply with the Companies Act, 2013.