Tuesday, August 24, 2010

New Company Bill 2008 =Tentative Provisions.

Section 2(zb) “cost accountant” means a cost accountant as defined in clause (b) of subsection
(1) of section 2 of the Cost and Works Accountants Act, 1959 and who holds
a valid certificate of practice under sub-section (1) of section 6 of that Act;

Section 7(b) a declaration in the prescribed form by an advocate, a Chartered
Accountant, Cost Accountant or Company Secretary, who is engaged in the formation
of the company, or by a person named in the articles as a director, manager or Secretary
of the company, that all the requirements of this Act and the rules made thereunder in
respect of registration and matters precedent or incidental thereto have been complied
with.
Section 131(3) Where a company includes the particulars relating to items of cost in the books of
account in pursuance of a resolution passed by the company, the audit of cost records as
contained in the books of account of the company shall be conducted by a Cost Accountant
in practice who shall be appointed by the Board on such remuneration as may be determined
by the members in such manner as may be prescribed:
Provided that no person appointed under section 123 as an auditor of the company
shall be appointed for conducting the audit of cost records.
Section131 -4.Provided that the report on the audit of cost records shall be submitted by the Cost
Accountant in practice to the Board of Directors of the company.
266. (1) The Company Liquidator may, with the sanction of the Tribunal, appoint one
or more chartered accountants or company secretaries or cost accountants or legal
practitioners or such other professionals as may be necessary to assist him in the performance
of his duties and functions under the Act.
Section 274 (4)(b)(b) may at his own cost employ chartered accountants or company secretaries
or cost accountants or legal practitioners entitled to appear before the Tribunal under
section 393, who shall be at liberty to put to him such questions as the Tribunal may
consider just for the purpose of enabling him to explain or qualify any answers given
by him.
(b) may at his own cost employ chartered accountants or company secretaries
or cost accountants or legal practitioners entitled to appear before the Tribunal under
section 393, who shall be at liberty to put to him such questions as the Tribunal may
consider just for the purpose of enabling him to explain or qualify any answers given
by him.

1 comment:

taxwelluk said...

Amazing Post really appreciative cover more and more helpful topics that's help us to getting more information from your blog Thank You!
Accountants in Romford