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of <h1>New Amendments to Companies Act: Mandatory Cost Records for Firms with 35 Crore+ Turnover; Includes Telecom, Pharma, More</h1> The Companies (Cost Records and Audit) Amendment Rules, 2014, introduced by the Ministry of Corporate Affairs, amend the existing rules under the Companies Act, 2013. These amendments specify the inclusion of cost records for companies with a turnover of 35 crore rupees or more, across regulated and non-regulated sectors, including telecommunications, electricity, petroleum, pharmaceuticals, and more. The amendments also outline conditions for mandatory cost audits, with turnover thresholds set for different sectors. Exemptions apply to companies with significant export revenue or those operating in special economic zones. Additional provisions address the appointment of cost auditors and updates to specific forms.
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