It has been observed that since April 1, 2011 a large number have cost auditors has defaulted in filing the required form 23D within the stipulated time. This has been viewed very seriously by the ministry. All defaulting cost auditors are require to file their required form 23D by December 16, 2012 positively. In case of any further default, names of such defaulting members shall be sent to the institute on December 17, 2012 intimating the institute to initiate Disciplinary Proceedings against them under the relevant provisions of Cost and Works Accountant Act, 1959.
If the company has failed to issue the formal letter in the prescribed time, the company and every officer shall be punishable as per the provisions of Companies Act, 1956.
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