TMI BlogThe Cost Accounting Records (Electricity Industry) Rules, 2011X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 (Electricity 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 report; (c) Cost Accountant for the purpose of these rules means a cost accountant a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orks Accountants of India constituted under the Cost and Works Accountants Act, 1959 (23 of 1959); (k) product means any tangible or intangible good, material, substance, article, idea, know‐how, method, information, object, service, etc. that is the result of human, 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; (l) 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 cost records and the books of account so maintained shall contain, inter‐alia, the particulars specified in Proformae A to H mentioned in the Schedule annexed to these rules. (2) The cost records referred to in sub‐rule (1) shall be kept on regular basis in such manner so as to make it possible to ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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‐section (1) of section 209 of the said Act. 5. Form of the Compliance Report, Every company to which these rules apply shall submit a compliance report, in respect of each of its financial year commencing on or after the 1st day of April, 2011, duly certified by a Cost Accountant, along with the Ann ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ravention 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 not been superseded. To View Full Notification Click Here The Cost Accounting Records (Electricity Industry) Rules, 2011 FORM‐B FORM OF COMPLIANCE REPORT [See rule 2, and rule 5] I or We ........................................... being in permanent employment of the company or in practice, and having been appointed as cost accountan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... panies 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 _________________ (mention name of place ofsigning this report) SIGNATURE SEAL OF THE COST ACCOUNTANT (S) MEMBERSHIP NUMBER (S) NOTES: (i) Delete words not applicable. (ii) If as a result of the examination of the books of account, the cost accountant desires to point out any material deficiency or give a qualified report, he shall indicate the sa ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
