Section 26
Companies not to engage in cost accountancy.
The Cost Accountants Act, 1959
About this Act
An Act to make provision for the regulation of the profession of cost and works accountants.
(1) No company, whether incorporated in
India or elsewhere, shall practice as cost accountants.
1[Explanation.--For the removal of doubts, it is hereby declared that the "company" shall include any limited liability partnership which has company as its partner for the purposes of this section.]
2[(2) If any company contravenes the provisions of sub-section (1), then every director, manager, Secretary and any other officer who is knowingly a party to such contravention shall be punished on first conviction with fine which shall not be less than two lakh rupees but which may extend to ten lakh rupees, and on any subsequent conviction, with fine which shall not be less than four lakh rupees but which may extend to twenty lakh rupees.]
1[Explanation.--For the removal of doubts, it is hereby declared that the "company" shall include any limited liability partnership which has company as its partner for the purposes of this section.]
2[(2) If any company contravenes the provisions of sub-section (1), then every director, manager, Secretary and any other officer who is knowingly a party to such contravention shall be punished on first conviction with fine which shall not be less than two lakh rupees but which may extend to ten lakh rupees, and on any subsequent conviction, with fine which shall not be less than four lakh rupees but which may extend to twenty lakh rupees.]
Notes
1. Ins. by Act 10 of 2012, s. 7 (w.e.f. 1-2-2012).
2. Subs. by Act 12 of 2022, s. 65, for sub-section (2) (w.e.f. 10-5-2022).
2. Subs. by Act 12 of 2022, s. 65, for sub-section (2) (w.e.f. 10-5-2022).