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Sugar industry analysis in pakistan

Sugar industry analysis in pakistan

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Published by: wariach on Jun 02, 2010
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11/04/2012

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SUGAR INDUSTRY(COST ACCOUNTING RECORDS)ORDER, 2001
 
THE GAZETTE OF PAKISTANEXTRAORDINARYPUBLISHED BY AUTHORITYISLAMABAD, WEDNESDAY, FEBRUARY 14, 2001
PART IIStatutory Notifications (S.R.O.)
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN
  NOTIFICATION Islamabad, the 13
th
February, 2001S.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 thefollowing Order, namely:-
SUGAR INDUSTRY (COST ACCOUNTING RECODS) ORDER, 20011.Short title, application and commencement.-
(1) This Order may be called theSugar Industry (Cost Accounting Records) Order, 2001.(2)This Order shall apply to every company engaged in production of sugar in anyform 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 thisorder, keep cost accounting records, containing,
inter-alia,
the particulars
 
specified inSchedules 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 tomake it possible to calculate from the particulars entered therein, the cost of productionand 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 theCompanies 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 financialaccounts required under Section 230 of the said Ordinance.3,
Penalty
. -- If a Company contravenes the provisions of this order, suchCompany 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). 

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