Updated: Saturday February 22, 2014/AsSabt Rabi' Thani 22, 1435/Sanivara Phalguna 03, 1935, at 10:16:13 PM
The Sugar Industry (Cost Accounting Records) Order, 2001
THE GAZETTE OF
PUBLISHED BY AUTHORITY
Statutory Notifications (S.R.O.)
SECURITIES AND EXCHANGE COMMISSION OF
S.R.O. 97(I)/2001.- In exercise of powers conferred by clause (e) of sub-section (1) of section 230 of the Companies Ordinance, 1984 (XLVII of 1984), and clause (o) of sub-section (4) of section 20 of the Securities and Exchange Commission Act, 1997 (XLII of 1997), the Securities and Exchange Commission of Pakistan is pleased to make the following Order, namely:---
1. Short title, application and commencement.- (1) This Order may be called the Sugar Industry (Cost Accounting Records) Order, 2001.
(2) This Order shall apply to every company engaged in production of sugar in any form excepting liquid sugar.
(3) It shall come into force at once.
2. Maintenance of Records.- (1) Every company to which this order applies shall, in respect of each financial year commencing on or after the commencement of this order, keep cost accounting records, containing, inter-alia, the particulars specified in Schedules I, II and III to this Order.
(2) The cost accounting records referred to sub-para (1) shall be kept in such a way as to make it possible to calculate from the particulars entered therein, the cost of production and cost of sales of white sugar separately, during a financial year.
(3) Where a company is manufacturing any other product in addition to sugar, the particulars relating to the utilization of materials, labour and other items of cost in so far as they are applicable to such other product, shall not be included in the cost of sugar.
(4) It shall be the duty of every person referred to in sub-section (7) of Section 230 of the Companies Ordinance, 1984 (XLVII of 1984), to comply with the provisions of sub-paragraph (1) to (3), in the same manner as they are liable to maintain books of financial accounts required under Section 230 of the said Ordinance.
3. Penalty. -- If a Company contravenes the provisions of this order, such Company and every officer thereof referred to in sub-paragraph (4) of paragraph 2, shall be punishable under sub-section (7) of section 230 of the Companies Ordinance, 1984 (XLVII of 1984).