The important provisions as to cost audit under the provisions of the Companies Act, 1956 are given below: (1) The Central Government by order direct that an audit of Cost Accounts of a company shall be conducted, if in the opinion of the Central Government, it is necessary to do so.
What are the provisions of the Sec 68 A of the Companies Act?
According to the companies act, section 68 to 70 and rule 17 of the company’s rules (share capital and debentures), 2014 takes charge of buyback of shares. 1. Section 68 deals with the power of the company to purchase its security. Out of free reserves, a company can purchase its own shares.
What are the provisions regarding cost audit?
Section 148 of the Companies Act, 2013 lays out the provisions and requirements concerning Cost Records and Cost Audit applicability. Overall annual total turnover from all products/services is INR 50 Crore or more. Aggregate turnover from the individual product/service is INR 25 Crore or more.
What is Section 68 companies Act?
Pursuant to Section 68 of the Companies Act 2016, all private limited companies are required to lodge its Annual Return with the SSM within thirty (30) days from its anniversary of incorporation date each calendar year.
What are the legal provisions that must be followed in case of buy-back?
Time limits: Buy-back shall be completed within a period of 1 (one) year from the date of passing of SR or Board Resolution, as the case may be. No offer of buy-back shall be made within a period of one year from the date of the closure of the preceding offer of buy-back, if any.
What are the articles in the Companies Act 1956?
Article 53 to 123,it explains about the shares, the share holders their rights, it explains about debentures, share capital, their procedure and powers within the company. Article 146 to 251 it explains about the management and administration of the company and the provisions registered office and name.
What are the provisions of the Companies Act?
Provisions relating to the accounts of companies are contained in Sections 128 to 137 (except 135) under Chapter IX of the Companies Act, 2013 (CA,2013) and the Companies (Accounts) Rules,2014. Similar provisions in the Companies Act, 1956 (CA, 1956) were contained in Sections 209 to 220 under Chapter I of Part VI of the Act.
How many sections are in the company Act?
The Act is 658 sections long. The Act contains provisions about Companies, directors of the companies, memorandum and articles of associations, etc. This act states and discusses every single provision requires or may need to govern a company.
What was the definition of financial statement in 1956?
Such definition of ‘Financial statement’ neither was available under the CA, 1956 nor was the term used in any sections in that Act. As per the definition, all the companies, except for One Person Company, small company and dormant company is required to prepare a cash flow statement.
