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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Non-compliance with Petroleum Cost Accounting Rules 2011 leads to fines under Companies Act sections 642(2), 209(5), and 209(7).</h1> Rule 8 of the Cost Accounting Records (Petroleum Industry) Rules, 2011, outlines penalties for non-compliance. If a cost accountant fails to adhere to these rules, they may be fined up to five thousand rupees. In cases of rule contravention, the company faces penalties under section 642(2) of the Companies Act. Additionally, any defaulting officer, including those specified under section 209(6), will be penalized according to sections 209(5) and 209(7) of the Companies Act, 1956. These provisions were introduced through a notification dated December 7, 2011.
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