Cost accounting records rules ?
This query is : Resolved
Prakash Shaw
(Querist)
03 July 2013
Dear members
There is a company in our group which is a listed NBFC Company, the main business of which is finance and apart from that it is carrying on the business of electricity generation.
As per Cost Accounting Records (Electricity Industry) Rules, 2011, every company which is engaged in the production, processing or manufacturing of electricity activity is covered under the said rule.
1) Now my question is whether the said rule is applicable for our company because the core business of the company is finance.
2) And the 2nd question is that there is a proviso clause in the said rule that these rules shall not apply to a body corporate governed by any special Act.
So can NBFC be considered under Special Act ?
Kindly help me in removing my doubts.
There is a company in our group which is a listed NBFC Company, the main business of which is finance and apart from that it is carrying on the business of electricity generation.
As per Cost Accounting Records (Electricity Industry) Rules, 2011, every company which is engaged in the production, processing or manufacturing of electricity activity is covered under the said rule.
1) Now my question is whether the said rule is applicable for our company because the core business of the company is finance.
2) And the 2nd question is that there is a proviso clause in the said rule that these rules shall not apply to a body corporate governed by any special Act.
So can NBFC be considered under Special Act ?
Kindly help me in removing my doubts.
Ajay Mishra
(Expert)
04 July 2013
Hi
Finance company is not covered under Cost Audit.
Go to the following link, it may help you:
https://www.caclubindia.com/articles/procedure-for-appointment-re-appointment-of-cost-auditors-13504.asp
Finance company is not covered under Cost Audit.
Go to the following link, it may help you:
https://www.caclubindia.com/articles/procedure-for-appointment-re-appointment-of-cost-auditors-13504.asp
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