IN RE Vs. VIVO MOBILE INDIA PRIVATE LIMITED

JUDGEMENT

(1.) The prayer made in this petition filed by M/s. VIVO Mobile India Private Limited under Section 131 of the Companies Act, 2013 (for short to be referred here-in-after as the 'Act') for voluntary revision of the financial statements of the company for the financial year ending 31.03.2016. The petitioner company was incorporated on 01.08.2014 as a private limited company with its registered office at Gurugram in the State of Haryana and therefore, the matter falls within the territorial jurisdiction of this Tribunal. The Memorandum and Articles of Association of the petitioner company are at page 50 of the paper book.

(2.) The main objects of the company are to carry on the business of manufactures, sales merchants, dealers, distributors, importers, exporters, agents and to market, hire, lease, rent out, assemble, alter, install and otherwise deal in any manner in all types of mobiles and to engage in research and development of mobile phones, cellular phones and to provide technical services in respect thereof or relating thereto. The authorised share and paid-up capital of the petitioner company is Rs. 28,00,00,000/- divided into 2,80,00,000 equity shares of the face value of Rs. 10/- each.

(3.) It is stated that after filing of the financial statements for the financial year ending 31.03.2016 on the portal of Ministry of Corporate Affairs, an error has crept in the financial statement with regard to the recognition of the purchases made by the company during the financial year 2015-16 having not been made in line with the Accounting Standards (AS) 2 as notified in accordance with law. Further that the petitioner company was conscious of the fact that the cost of inventories, as mentioned in the financial statement, are required to compromise all costs of purchase (including duties & taxes but excluding refundable taxes) , costs of conversion and other costs incurred in bringing the inventories to Valuation of Inventories at their present location and condition.