Section 258, 259 and 476 Companies (Cost Accounts Audit) Rules, 1998, Rr 3, 4 and 5 Appointment of Cost Auditor for delay in filing application (audit) Cost according to the provisions of Rule 3 (2) of the Companies Accounting Rules, 1998, Company directors were required to appoint a cost auditor for the relevant year within sixty days from the end of the company's fiscal year, but the company filed an application with a delay of 48 days. The R4 (3) terms of the Companies (Audit of Cost Accounts) Rules 1998, were required to be submitted to the Report Commission within sixty days of the cost auditor's appointment, but this was received with a delay of 177 days. The company's chief executive and director's representative acknowledged the default, saying it was their first year of listing and that the company had to comply with the additional terms of the law and that the management of the company's affairs be new. , Took the extra time and resulted in a cost audit delay. The authorized representative expressed regret over the delay and, considering the facts stated by the authorized representative of the company, assured to comply with the provisions of the rules within the stipulated time in the future, instead of a maximum of 26,500. The fine should be Rs. By default, each director and chief executive was fined Rs. 4,000 each.
Related judgments — Securities and Exchange Commission of Pakistan, 2009
