COBI has sent a representation to the ministry of corporate affairs

Dear Entrepreneurs

Greetings of the Day!

This is to inform you all that on the behalf of the industries and the entrepreneurs, Confederation of Bahadurgarh Industries has sent a representation to the Ministry of Corporate Affairs in which COBI has requested the Ministry and the Authorities to exempt the companies having the turnover less than 5 Crore from the implementation of Rule 3(1) of the Companies (Accountants) Rule, 2014 which mandates that every company that uses accounting software for maintaining its books of account must use software that has a feature of recording an audit trail of each and every transaction, creating an audit log of each change made in the books of account along with the date when such changes were made and ensuring that the audit trail cannot be disabled. In many cases the small companies may not have the necessary resources to comply with the requirements of the rule.
Thus COBI has requested the MCA to take this matter under consideration and take the necessary steps to exempt the units having less than 5 crore turnover from the implementation of such rule.

Regards
Team COBI