appointment of cost auditors

[Indrani Sanka]

Hi,

Can any one let me know if those companies covered under Order F.No.52/26/CAB‐2010 dt. Nov 6, 2012 are also to appoint cost auditors by June 30, 2014.

As, until now we are unable to file the form 23 C for previous year by itself.

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Regards,

Indrani

[ramela rangasamy]

Dear Ms.Indrani

For appointment of Cost Auditor for FY 2014-15, CA 2013 is applicable.

Section 148 (3) of CA 2013 speaks about appointment of Cost auditor by Board of Directors with remuneration as maby be determined by the members.

The said section not speaks about any filing of forms for the appointment.

Rules relating to appointment not yet come. Therefore at present, we can only pass resolution and get the remuneration fixed and ratified in AGM 2104 or at any earlier general meeting.

This is my opinion. Others views are also solicited.

Yours truly,
R.Ramela
Company Secretary in Practice
A-6, Aaryaa Harmony Apartment, A.S.Colony,
Police Kandasamy Street, Olympus,
Ramanathapuram,
Coimbatore 641 045.
Cell No.9442617180
Phone No.0422 – 2317180
e-mail: ram...@rrcompanysecretaries.com

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[CS Shainshad Aduvanni]

Dear Sanka,

I too agree with the above. Pls find below resolution passed by Rallis India Ltd.

11. Ratification of Cost Auditors’ remuneration

To consider and, if thought fit, to pass with or without modification, the following Resolution as an Ordinary Resolution:
RESOLVED THAT pursuant to Section 148 and other applicable provisions, if any, of the Companies Act, 2013 and the Rules made there under, as amended from time to time, the Company hereby ratifies the remuneration of `3.50 lakhs plus service tax and out-of-pocket expenses payable to M/s. N. I. Mehta & Co., who are appointed as Cost Auditors of the Company to conduct Cost Audits relating to Insecticides, Fertilizers and Seeds of the Company for
the year ending 31st March, 2015.


Item No. 11:
The Company is directed, under Section 148 of the Act to have the audit of its cost records conducted by a cost accountant in practice. The Board of your Company has, on the recommendation of the Audit Committee, approved the appointment of M/s. N. I. Mehta & Co. as the Cost Auditors of the Company to conduct Cost Audits relating to Insecticides, Fertilizers and Seeds of the Company for the year ending 31st March, 2015, at a remuneration of `3.50 lakhs plus service
tax and out-of-pocket expenses.

M/s. N. I. Mehta & Co. have furnished a certificate regarding their eligibility for appointment as Cost Auditors of the Company. M/s. N. I. Mehta & Co. have vast experience in the field of cost audit and have conducted the audit of the cost records of the Company for the past several years under the provisions of the erstwhile Companies Act, 1956.

The Board commends the remuneration of `3.50 lakhs plus service tax and out-of-pocket expenses to M/s. N. I. Mehta & Co. as the Cost Auditors and the approval of the shareholders is sought for the same by an Ordinary Resolution.

None of the Directors and key managerial personnel of the Company or their respective relatives are concerned or interested in the Resolution mentioned at Item No.11 of the Notice.

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CS Shainshad Aduvanni
Company Secretary
Coimbatore

09841414439

[Harini Prasad]

Dear Shainshad, A good reference you have drawn. 

Dear Indrani, I agree with what has been written, but my cost auditor had opined that Form 23C has to be filed as the same is available, (though I told him that the same is made available for earlier filings -could be) but he persisted - to be on the safe side, he had suggested we file the form 23C. I had decided to do so - for that just in case instance. And the filing fees is a bomb now - it is Rs 20,000/- and God save for late filing it can go up to 2,00,000/- rupees also, in some instances more than the professional fees charged for cost auditing!

So, if it is for previous years then yes you need file Form 23C with late fees etc. And for the current year you take may call to file or not to file; or you may wish to discuss with the cost auditor himself.

Regards

Harini

[KHUSBU KHEMKA]

So, at present what should be done, should we just pass BR or should we file Form 23C?

Regards

ACS KHUSBU KHEMKA

[Indrani Sanka]

Hi Harini,

the issue is I'm unable to file the form 23 C as the respective form is still not made available. Ref. to order dated Nov 6, 2012.

I have appointed the cost auditor however i'm not able to file the form.

Regards,

Indrani

[Harini Prasad]

Dear Indrani,  let me  Check and get back please.

Rgds
Harini

[Harini Prasad]

I Think to be safe - both.

Rgds
Harini

[Deepesh Nayak]

We have filed form 23C recently on 4.06.2014 and the same was filed without any error.

The updated version of said form dated 02.06.2014 is available at MCA.

Deepesh

Thanking you,

*CS Deepesh Kumar Nayak*
 Company Secretary

 *Mob. 097134-80215*
*csdeepe...@gmail.com*

[Harini Prasad]

Thank you for the update Dear Mr Deepesh. Thanks again, I was in a fix (as the fees is 20,000/-!) - it is furthermore clear - will file with less doubts now.

Dear Indrani, hope it is further crystalised for you.

Regards

Harini

[nihita jayanthi Naga]

in fact when I asked our cost auditor, he  opined that there is no requirement for filing of any forms for their appointment now. and the form that is given and updated on 2nd June 2014  is for earlier years filing only and does not pertain to current year filing.

Technically, if we are getting the remuneration ratified in the AGM then the form, if at all needs to be filed, should be filed then only....and not now. this is totally my view.

[Indrani Sanka]

Hi,

I'm still not able to file the form. cos when i give the order number F. No. 52/26/CAB‐2010 i get a pop up box asking me to speak with the MCA cell.

Regards,
Indrani

Regards,

Indrani

[Indrani Sanka]

Hi,

I was said that they are seeking clarification still.

Regards,

Indrani

[periwal...@gmail.com]

I am also in a fix as to seeing the heavy fees, we may not voluntarily file the form. I it is not required, then why to file the same.

 

As FY 2014-15 will b ecoby companies act 2013 and the said act or rules thereunder no where prescribes for filing of any form for apoointment of cost auditor. I have raised this issue to a senior CMA and his opinion was keeping in view the bombay highcourt judgement, any section which is not in force now cannot force anyone to act as per old provision.In his view cost audit is not required unless specific orders/ rule or notification is issued and thus no form also needs to be filed. Even if we appoint cost auditor voluntarily, Form 23C is not required.

 

I was also having same opinion. Plus Form 23C, if you see is pursuant to Sec 233B of companies act 1956. When the same section is not applicable in our case, how can we file it? Why we should file a wrong form.

[KHUSBU KHEMKA]

I agree to u Ms Vandana...But What should we do nw. Should we just pass BR for appointing the same. Should nt we file the same form? If we fail to file the form, than afterwards an additional fees may be charged at an higher amount.

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[nikit kumar]

Dear Mmebers.
Pls guide if we file F-23C then only we can file the Cost Audit Report as it ask for the SRN of F-23C . Pls guide whether is there any harm in filling the form

[VANDANA PERIWAL]

No Harm in filing form dear, But the fees is very high.

 

 

Thanks and Regards
CS Vandana Periwal

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[nikit kumar]

Dear member,
What is the fee for the filling F-23C for the FY 2014-15

On Monday, June 9, 2014 4:28:21 PM UTC+5:30, INDRANI SANKA wrote:

[VANDANA PERIWAL]

It ranges from Rs. 2000 to rs. 20000 depending upon paid up capital of your company.

 

 

Thanks and Regards
CS Vandana Periwal

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