Tuesday, 4 June 2013

Last date for appointment of cost auditor for FY 2013 - 14

Dear All

I would like to invite your kind attention to the The Companies (Cost Audit Report) Rules,
2011 dated 3rd june 2011  and General circular No.15/2011 dated 11th April 2011.

As per this notification

Every company as specified in sub-rule (1) shall, within ninety days of the commencement of every
financial year, file an application with the Central Government seeking prior approval for
appointment of the cost auditor, through electronic mode, in the prescribed form, alongwith the
prescribed fee as per the Companies (Fees on Applications) Rules, 1999, and requisite enclosures.

ie. within 90 days from the commencement of financial year , every company which is coming under cost audit has to file Form 23C with MCA along with (1) certified copy of Board resolution proposing appointment of cost auditor and (2) copy of certificate obtained from cost auditor regarding compliance of section 224 (1B) of the companies Act ,1956.

Penalty Clause:
If a company contravenes any provisions of this circular, the company and every officer thereof who is in default, including the persons referred to in sub-section (6) of section 209 of the Act, shall be punishable as provided under sub-section (2) of section 642 read with sub-sections (5) and (7) of section 209 and subsection (11) of section 233B of Companies Act, 1956.

To view the notification 
http://cmaglobal.net.in/OtherpageTheme11024.ASPX?PAGENAME=Cost%20Accounting&CompanyID=1577


compiled by :
CMA krishna Dasan A
98711-28831
aknair2002@cmaglobal.net.in