# Voluntary Revision of FS or BOD Report — Section 131
## 1. Trigger
If it appears to the directors that the FS (Sec 129) or BOD Report (Sec 134) of any of the preceding 3 FYs does not comply, the company may voluntarily apply to NCLT for revision.
## 2. Procedure — Step-by-Step
1. BOD Resolution to prepare revised FS / BOD Report of any of the preceding 3 FYs.
2. Application to NCLT in Form NCLT-1 within 14 days of BOD decision.
3. Advertise the application in a newspaper at least 14 days before NCLT hearing.
4. NCLT gives notice to CG, IT authority and Auditor; considers their representations.
5. If NCLT approves → file certified copy of order with ROC within 30 days of receipt.
6. Call general meeting; notice (with reasons for change in FS) to be published in English & vernacular newspapers.
7. Approval in general meeting — revised FS, statement of directors and statement of auditors approved before adoption.
8. After GM approval → file revised FS (with auditor statement) or BOD report with ROC within 30 days of approval.
9. Disclose detailed reasons for revision in the BOD report of the FY in which revision is made.
> Cap on frequency: Revised FS / BOD report shall not be prepared or filed more than once in a FY.
## 3. Scope of Revision (if originals already circulated)
If the previous FS/BOD report were already sent to members, ROC, or laid at AGM, revision is confined to:
- Correction of only those parts that do not comply with Sec 129 or Sec 134, and
- Necessary consequential alterations.
(No re-opening or holistic rewriting beyond what is needed for compliance.)
## 4. CG Rule-Making Power
CG may make rules covering:
- Whether revised FS/BOD report replaces the earlier one entirely or supplements it with a correction document
- Functions of the auditor in respect of revised FS / BOD report
- Steps required to be taken by directors