MCA invites comments on Product Group Classification by 15th July 2012

52/2/CAB-2012, Dated the 25^th June, 2012

Government of India, Ministry of Corporate Affairs, Cost Audit Branch

B-1 Wing, 2^nd Floor, Paryavaran Bhavan, CGO Complex, New Delhi-110 003

Subject: Product Group Classification

Pursuant to the notification of following Rules, Ministry proposes to constitute the Product Groups as given in the annexure to the draft notification enclosed.

a)     Companies (Cost Accounting Records) Rules, 2011 notified vide GSR 429(E) dated June 3, 2011.

b)     Companies (Cost Audit Report) Rules, 2011 notified vide GSR 430(E) dated June 3, 2011.

c)      Cost Accounting Records (Telecommunication Industry) Rules 2011 notified vide GSR 869(E) dated December 7, 2011.

d)     Cost Accounting Records (Petroleum Industry) Rules 2011 notified vide GSR 870(E) dated December 7, 2011.

e)     Cost Accounting Records (Electricity Industry) Rules 2011 notified vide GSR 871(E) dated December 7, 2011.

f)       Cost Accounting Records (Sugar Industry) Rules 2011 notified vide GSR 872(E) dated December 7, 2011.

g)     Cost Accounting Records (Fertilizer Industry) Rules 2011 notified vide GSR 873(E) dated December 7, 2011.

h)     Cost Accounting Records (Pharmaceutical Industry) Rules 2011 notified vide GSR 874(E) dated December 7, 2011.

2. Various companies, and professionals such as Cost Accountants, Chartered Accountants, & Company Secretaries, and other stakeholders from corporate sector are connected with the usage of product group classification. All are welcome to examine the draft and furnish comments/suggestions to this Ministry within a period of three weeks i.e. by 15^th July, 2012 through email on the following e-mail address: –

bharat.goyal@mca.gov.in, OR goyalbb@gmail.com, vijay.aggarwal@mca.gov.in, OR vijayaggarwal1956@yahoo.in

Yours faithfully,

(V.K.Aggarwal) Director (Cost)

Draft Notification

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY PART‑
II, SECTION-3, SUB-SECTION (ii)]

MINISTRY OF CORPORATE AFFAIRS
Notification
New Delhi, dated the June, 2012

S.O. (E) – In exercise of the powers conferred by clause (b) of sub‑
section (1) of section 642 read with section 610B of the Companies Act, 1956 (1 of 1956), the Central Government hereby constitutes the Product Groups as given in the annexure enclosed.

2. Pursuant to the above, all companies shall use the Product Groups as given in the annexure, wherever it appears, in the Cost Audit Report and in the Compliance Report to be filed with the Central Government in compliance with the following Rules:

a)     Companies (Cost Accounting Records) Rules, 2011 notified vide GSR 429(E) dated June 3, 2011.

b)     Companies (Cost Audit Report) Rules, 2011 notified vide GSR 430(E) dated June 3, 2011.

c)     Cost Accounting Records (Telecommunication Industry) Rules 2011 notified vide GSR 869(E) dated December 7, 2011.

d)     Cost Accounting Records (Petroleum Industry) Rules 2011 notified vide GSR 870(E) dated December 7, 2011.

e)     Cost Accounting Records (Electricity Industry) Rules 2011 notified vide GSR 871(E) dated December 7, 2011.

f)      Cost Accounting Records (Sugar Industry) Rules 2011 notified vide GSR 872(E) dated December 7, 2011.

g)     Cost Accounting Records (Fertilizer Industry) Rules 2011 notified vide GSR 873(E) dated December 7, 2011.

h)    Cost Accounting Records (Pharmaceutical Industry) Rules 2011 notified vide GSR 874(E) dated December 7, 2011.

3. The Product Group as given in the annexure shall also be used, wherever so desired by the Central Government, in respect of any other document required to be filed either with the Registrar or with the Central Government in compliance with any provisions of the Companies Act, 1956 (1 of 1956).

[F. No. 52/2/CAB-2012]

B.B.GOYAL

ADVISER (COST)