Latest Updations

Companies (Cost Accounting Records) Rules, 2011

Companies (Cost Audit Report) Rules, 2011

These rules shall apply to every company in respect of which an audit of the cost records has been ordered by the Central Government under sub-section (1) of section 233B of the Act.

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.

Every cost auditor appointed under sub-rule (2) shall, within thirty days of receipt of letter of appointment, inform his appointment to the Central Government through electronic mode, in the prescribed form, along with the requisite enclosures.

Cost Auditors are required to submit Cost Audit Report with in 180 days of the end of financial year and also submit performance appraisal report duly authenticated by the Cost Auditor to the Board or Audit Committee in prescribed manner.

All the annexures are required to be certified by the Cost Auditor. It should also be approved by the Board of Directors before submitting to the Central Government by the Cost Auditor. The Annexures shall also be signed by the Company Secretary and at least one Director on behalf of the Company. In absence of Company Secretary, it should be signed by atleast two Directors.

The Ministry of Corporate Affairs is considering to issue Companies (Dematerialization of Certificates) Rules, 2011.  And going to mandate all public Companies and their subsidiaries which have raised money by issue of shares, debentures, by accepting public deposits, stock, bond or any other financial instruments from public, other than from directors of the company, shall be required to issue and keep such share certificates,   debenture certificates and certificates issued for receipt of deposits, stock, bond or any other financial instruments in dematerialized form only, in the manner prescribed in the Depositories Act, 1996 and regulation made there under.

Ministry has send above recommendations for comments latest by 30th June, 2011.

Guidelines for Fast Track Exit mode for defunct companies under

Section 560 of the Companies Act, 1956

In order to give an opportunity for fast track exit by a defunct company, for getting its name struck off from the register of companies, the Ministry has decided to modify the existing route through and has prescribed the new Guidelines “Fast Track Exit mode” for defunct companies under section 560 of the Companies Act, 1956.

These Guidelines will be implemented w.e.f. 3rd July, 2011.

thanks for updation sir..................

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cheers

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dhanyabad

Time Limit for filinig Balance Sheet in XBRL Format.

All companies falling in Phase – I whose Balance Sheets are adopted in the Annual General Meeting held before 30.09.2011 are permitted to file upto 30.09.2011 without any additional filing fee. However, where companies hold the Annual General Meeting in the month of September 2011, they will file the Balance Sheet within 30 days from the date of adoption in the General Meeting as per section 220 of the Companies Act, 1956.

thanks for sharing the useful updates...........