16th July 2014
Dear Professional Colleagues,
On a short notice myself and Vice President had a meeting with Additional Secretary and other officials of Ministry of Corporate Affairs and Cost Audit Branch, wherein s preliminary discussion on different issues, as pointed out in annexure I&II of the letter dated 2nd July 2014 addressed to Secretary, MCA, was held.
It was suggested by the Additional Secretary, MCA that the major structural issues will be looked after by a High Level Committee and other issues be resolved by the MCA and Cost Audit Branch in consultation with the Institute. We reiterated the stand of the Institute to put the Companies (Cost Records and Audit) Rules 2014 in abeyance till the issues are resolved and allow the Cost Rules 2011/2012 to continue till that time.
Myself, Vice President and CMA Chandra Wadhwa, Past President and Member of the Technical Committee met the Hon’ble Minister for Finance, Defence and Corporate Affairs at 2100 hours in his office chamber at North Block and submitted a representation letter, presentation and resignation letter of President and members of the Central Council dated 2nd July 2014, expressing concerns of the profession on the Companies (Cost Records and Audit) Rules 2014. The Hon’ble minister has assured that during next weekend, after the budget exercise is over, a meeting with the MCA Officials and Institute’s representatives will be called by him to sort out the issues.