(1) The State Government shall ensure that the State Distribution Licensee establishes, within six months from the date of coming into force of this Act, an Empowered Committee to ensure identification, provisioning and write offs of receivables and bad and doubtful debts in the books of accounts of the State Distribution Licensee:
Provided that the State Distribution Licensee shall prepare accounting policies which shall provide for its financial management and management of its receivables and provisioning for bad and doubtful debts containing timeline for writing them off.
(2) The State Government shall ensure that the Distribution Licensee completes physical verification and preparation of fixed assets register on a commonly accepted definition of fixed assets under the financial accounting standards within two years from the date of coming into force of this Act:
Provided that the said plan referred to in sub-section (2) shall be submitted to the State Commission for approval.
(3) The State Government, by notification, shall establish an Empowered Committee consisting of,-
(i) Principal Secretary (Finance) to the Government of Himachal Pradesh Chairperson;
(ii) Principal Secretary (Power) to the Government of Himachal Pradesh Member; and
(iii) Head of the State Distribution Licensee Member-Secretary.