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TMI BlogCompanies (cost records and audit) Amendment Rules, 2016X X X X Extracts X X X X X X X X Extracts X X X X ..... e into force on the date of their publication in the official Gazette. 2. In the Companies (cost records and audit) Rules, 2014 (hereinafter referred to as the Principal Rules),- (i) in rule 2 , for clause (d), the following clause shall be substituted, namely:- (d) cost audit report means the duly signed cost auditor's report on the cost records examined and cost statements which are prepared as per these rules, including attachment, annexure, qualifications or observations attached with or included in such report; (ii) in rule 3, for Table (A) and Table (B), the following Tables shall be substituted, namely:- TABLE (A) Regulated Sectors Sl. No. Industry/ Sector/ Prod ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (B) Non-regulated Sectors Sr. No. Industry/ sector/ Product/ Service Central Excise Tariff Act Heading (wherever applicable) 1. Machinery and mechanical appliances used in defence, space and atomic energy sectors excluding any ancillary item or items; Explanation. For the purposes of this sub-clause, any company which is engaged in any item or items supplied exclusively for use under this clause, shall be deemed to be covered under these rules 8401; 8801 to 8805;8901 to 8908. 2. Turbo jets and turbo propellers; 8411 3. Arms, ammunitions and E ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1 to 7229; 7301 to 7326 10. Roads and other infrastructure projects corresponding to para No. (1) (a) as specified in Schedule Vl of the Companies Act, 2013 (18 of 2013); Not applicable 11. Rubber and allied products; including products regulated by the Rubber Board constituted under the Rubber Act, 1947 (XXIV of 1947); 4001 to 4017 12. Coffee and tea; 0901 to 0902 13. Railway or tramway locomotives, rolling stock, railway or tramway fixtures and fittings, mechanical (including electro mechanical) traffic signalling equipment's of all kind; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Education services, other than such similar services falling under philanthropy or as part of social spend which do not form part of any business; Not applicable. 24. Milk powder; 0402 25. Insecticides; 3808 26. Plastics and polymers; 3901 to 3914; 3916 to 3921; 3925 27. Tyres and tubes; 4011 to 4013 28. Paper; 4801 to 4802. 29. Textiles; 5004 to 5007; 5106 to 5113; 5205 to 5212; 5303; 5310; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... electricity for captive consumption through Captive Generating PIant. For this purpose, the term Captive Generating Plant shall have the same meaning as assigned in rule 3 of the Electricity Rules, 2005 ; (iv) in rule 6 , in sub-rule (1), the following proviso shall be inserted, namely: - Provided that before such appointment is made, the written consent of the cost auditor to such appointment, and a certificate from him or it, as provided in sub-rule (1.A), shall be obtained ; (v) in rule 6 , after sub-rule (1), the following sub-rule shall be inserted, namely:- (1A) The cost auditor appointed under sub-rule (1) shall submit a certificate that- (a) the individual or the firm, as the case may be, is eligible for appoin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cost audit report, shall be approved by the Board of Directors before they are signed on behalf of the Board by any of the director authorised by the Board, for submission to the cost auditor to report thereon ; (viii) in rule 6 , for sub-rule (5), the following sub-rule shall be substituted, namely:- (5) Every cost auditor shall forward his duly signed report to the Board of Directors of the company within a period of one hundred and eighty days from the closure of the financial year to which the report relates and the Board of Directors shall consider and examine such report, particularly any reservation or qualification contained therein. ; (ix) in rule 6 , for sub-rule (6), the following sub-rule shall be substituted, namel ..... X X X X Extracts X X X X X X X X Extracts X X X X
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