IF WRONG BALANCE SHEET IS UPLOADED IN ROC, HOW WE CORRECT THEM?
INTRODUCTION
A balance sheet is a financial statement that summarizes a company’s assets, liabilities, and shareholders’ equity at a specific point in time. It is one of the three main financial statements, along with the income statement and the cash flow statement.
If you have uploaded a wrong balance sheet in ROC, you can correct it by filing a Form CHG-9. Form CHG-9 is used to correct errors or omissions in the documents filed with ROC.
TO FILE FORM CHG-9, YOU WILL NEED TO:
- Download Form CHG-9 from the MCA website – You can download Form CHG-9 from the website of the Ministry of Corporate Affairs (MCA). The form is available in PDF format.
- Fill out Form CHG-9 carefully, making sure to correct the errors in the balance sheet. You will need to provide the following information in Form CHG-9:
- The name of your company
- The company’s registration number
- The financial year for which the balance sheet is being corrected
- The details of the errors in the balance sheet
- The correct details of the balance sheet
- Attach a copy of the correct balance sheet to Form CHG-9 – You will need to attach a copy of the correct balance sheet to Form CHG-9. The balance sheet should be certified by a chartered accountant.
- Sign Form CHG-9 in the presence of a witness – You will need to sign Form CHG-9 in the presence of a witness. The witness must also sign the form.
- Send Form CHG-9 to the ROC office in which you filed the original balance sheet – You can send Form CHG-9 by post or by hand. The ROC office will process your form and if it is approved, they will issue a fresh certificate of incorporation with the correct balance sheet.
The ROC will review your form and if it is approved, they will issue a fresh certificate of incorporation with the correct balance sheet.
DISADVANTAGES
- You may be held liable for any losses that your company incurs as a result of the wrong balance sheet – This is because the balance sheet is a representation of your company’s financial health and if it is wrong, it can lead to investors and creditors making decisions that are not in the best interests of the company.
- You may be fined by the ROC – The ROC can impose fines on companies that fail to file accurate balance sheets. The amount of the fine will depend on the severity of the error.
- Your company may be suspended or dissolved – If the ROC finds that your company has repeatedly filed wrong balance sheets, it may suspend or dissolve your company. This would mean that your company would no longer be able to operate.
You may be barred from forming a new company in the future – If the ROC finds that you have deliberately filed a wrong balance sheet, you may be barred from forming a new company in the future. This would make it difficult for you to start a new business
CONCLUSION
To conclude, if you have uploaded a wrong balance sheet in ROC, you can correct it by filing a Form CHG-9. Form CHG-9 is used to correct errors or omissions in the documents filed with ROC.
