Audit of cost accounts in certain cases.

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....   Provided that if the Central Government is of opinion that sufficient number of cost accountants within the meaning of the Cost and Works Accountants Act, 1959 (23 of 1959) are not available for conducting the audit of the cost accounts of companies generally, that Government may, by notification in the Official Gazette, direct that, for such period as may be specified in the said notification, such Chartered Accountant within the meaning of the Chartered Accountants Act, 1949 (38 of 1949), as possesses the prescribed qualifications, may also conduct the audit of the cost accounts of companies, and thereupon a Chartered Accountant possessing the prescribed qualifications may be appointed to audit the cost accounts of the compan....

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....r conducting the audit of the cost accounts of that company.            (c) If a person, appointed for conducting the audit of cost accounts of a company, becomes subject, after his appointment, to any of the disquali­fications specified in clause (a) or clause (b) of this sub-section, he shall on and from the date on which he becomes so subject, cease to conduct the audit of the cost accounts of the company. (6) Upon receipt of an order under sub-section (1), it shall be the duty of the company to give all facilities and assistance to the person appointed for conducting the audit of the cost accounts of the company. (7) The company shall, within thirty days from the date of receipt o....

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....he company who is in default, shall be liable to be punished with imprisonment for a term which may extend to three years, or with fine which may extend to [7][fifty thousand rupees], or with both.]     --------------------------------- Notes:- [1] Inserted by the Companies (Amendment) Act, 1965, Act 31 of 1965, section 23, w.e.f. 15-10-1965. [2] Substituted for "who shall be either a cost accountant within the managing of the Cost and Works Accountants Act, 1959 (23 of 1959), or any such chartered accountant within the meaning of the Chartered Accountants Act, 1949 (38 of 1949), or other person, as possesses of the prescribed qualifications" by the Companies (Amendment) Act, 1974, Act 41 of 1974, section 25, w.e.f. 1-2-1975....