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Companies (Branch Audit Exemption) Rules, 1961


2. Definitions

In these Rules, unless the context otherwise requires,-

 

(a) "quantum of activity" means-

 

(i) the aggregate value of the goods or articles produced, manufactured or processed, or

 

(ii) the aggregate value of the goods or articles sold and of services rendered, or

       

(iii) the amount of the expenditure, whether of a revenue or capital nature, incurred by a branch office of a company during a financial Year, whichever is higher;

 

(b) "relevant financial year" means the financial year of a company in respect of which exemption from branch audit is to be determined;

   

(c) "section" means a section of the Companies Act, 1956 (1 of 1956).





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