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December 2012

Appointment of cost auditor by companies

By Sejal Vasa, Company Secretary
Reading Time 1 mins
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The Ministry of Corporate Affairs has, vide circular No. 36/2012 dated 06-11-2012, made the following changes for appointment of Cost Auditor, in continuation to Circular No. 15/2011 dated 11-04-2011,

a) Companies are required to inform within 30 days from the date of approval of the MCA of Form 23 C ( i.e. Form for approval of Government for Appointment of Cost Auditor) with a formal letter of Appointment to the Cost Auditor, as approved by the Board.

b) The cost Auditor needs to file the prescribed Form 23D along with the letter of Appointment from the Company within 30 days of the date of formal letter.

c) In case of change of cost auditor caused by death of existing cost Auditor, the fresh e-form 23C is to be filed without additional fee within 90 days of the date of death.

d) Change of Cost Auditor for reasons other than death then fresh Form 23C to be filed with applicable fee and additional fee unless supported by relevant documents for the change.

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