TMI BlogThe Cost Accounting Records (Sugar Industry) Rules, 2011X X X X Extracts X X X X X X X X Extracts X X X X ..... al Alcohol) Rules, 1997 vide G.S.R. 532(E), dated the 17th September, 1997, except as respects things done or omitted to be done before such supersession, the Central Government hereby makes the following rules, namely: ‐ 1. Short Title and Commencement, (1) These rules may be called the Cost Accounting Records (Sugar Industry) Rules, 2011. (2) They shall come into force on the date of their publication in the Official Gazette. 2. Definitions and Interpretations, In these rules, unless otherwise requires,‐‐‐ (a) Act means the Companies Act, 1956 (1 of 1956); (b) compliance report means the compliance report duly authenticated and signed by a cost accountant in the specified form of compliance ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mechanical, industrial, chemical, or natural act, process, procedure, function, operation, technique, or treatment and is intended for use, consumption, sale, transport, store, delivery or disposal; (k) product group in relation to tangible products means a group of homogenous and alike products, produced from same raw materials and by using similar or same production process, having similar physical or chemical characteristics and common unit of measurement, and having same or similar usage or application; and in relation to intangible products means a group of homogenous and alike products or services, produced by using similar or same process or inputs, having similar characteristics and common unit of measurement, and having same or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the immediately preceding financial year exceeds five crores of rupees; or wherein the aggregate value of the turnover made by the company from sale or supply of all products or activities during the immediately preceding financial year exceeds twenty crores of rupees; or wherein the company s equity or debt securities are listed or are in the process of listing on any stock exchange, whether in India or outside India: Provided that these rules shall not apply to a body corporate governed by any special Act. 4. Maintenance of records, (1) Every company to which these rules apply, including all units and branches thereof shall, in respect of each of its financial year commencing on or after the date of this notification, keep co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... all profit of the company and the variations, if any, shall be clearly indicated and explained. (6) All such cost records, cost statements and reconciliation statements, maintained under these rules, relating to a period of not less than eight financial years immediately preceding a financial year or where the company had been in existence for a period less than eight years, in respect of all the preceding years shall be kept in good order. (7) Every person, referred to in sub‐section (6) and (7) of section 209 of the Companies Act, 1956 (1 of 1956), shall take all reasonable steps to secure compliance by the company with the provisions of these rules in the same manner as he is liable to maintain accounts required under sub& ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1956 (1 of 1956). 9. Savings, The supersession of the Cost Accounting Records (Sugar) amended Rules, 1997 and Cost Accounting Records (Industrial Alcohol) Rules, 1997, shall not in any way affect‐ (a) any right, obligation or liabilities acquired, accrued or incurred thereunder; (b) any penalty, forfeiture or punishment incurred in respect of any contravention committed thereunder; and (c) any investigation, legal proceeding or remedy in respect of any such right, privilege, obligation, liability, penalty, forfeiture or punishment as aforesaid, and; any such investigation, legal proceeding or remedy may be instituted, continued or enforced and any such penalty, forfeiture or punishment may be imposed as if those rules had ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... margin of all the products and activities of the company. 3 Detailed unit‐wise and product or activity‐wise cost statements and schedules thereto in respect of the product groups or activities are or are not kept in the company. 4 In my or our opinion, the said books and records give or do not give the information required by the Companies Act, 1956 in the manner so required. 5 In my or our opinion, the said books and records are or are not in conformity with the generally accepted cost accounting principles and cost accounting standards issued by The Institute of Cost and Works Accountants of India, to the extent these are found to be relevant and applicable. Dated: this ____ day of _________ 20__ at ________________ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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