(1) The Nigam shall cause to be maintained proper books of accounts and such ~L~J?t~ntsand ther books as the rules may require and shall prepare an annual statement of account in ~ prescribed manner. The books of accounts of the Nigam shall be balanced and closed " , . S Oil the 3'lst day of March each year. The annual statement of accounts shall be sub- ~he Nigam itted to the Board of Directors within six months of the close of the financial year, nd botf.;!;S i(: i'g which the Managing Director shall explain the delay and apply to the$Tate Governwu· . \e~lt for permitting the submission in another three months at the most.
1S and a .
~projects, (2) The Nigam shall cause its accounts to be audited annually by such person as the tate Government may direct.
f -, 1 (3) As soon as the accounts of the Nigam have been audited, the Nigam shall send a lce 0 any I h f h . h . h - ... ._ popy t ereo toget er wit a copy of the report of the auditor thereon to the State Govern- 19 of see- Fent and shall cause the accounts to be published in the prescribed manner and place . copies thereof on sale at a reasonable price.
, ./ (4) The Nigam shall comply with such directions as the State Gove~ment may after r erus31 of the report of 'the auditor think fit to issue.
Iamage to 29. The Nigam shall create a depreciation reserve and, shall, at the end of every Depreciation imprison-] 'ear, credit to such reserve from its revenue an amount calculated in accordance with the reserve.
.nd to oneis~r~~ht li~e method of depreciation, jhat is to say, such an' amount as is arrived at by. ,_rVldmg minety per cent of the original cost of the assets, after taking into account the sums I 1812 BetUl"l:l& already written off and set aside in the books of the Nigam, by the prescribed pe~od in respect of such assets :
.J
Provided that the contribution in respect of any asset to' we: depreciation reserve under ibis section shall cease at the end of the prescribed period Or when the asset ceases to. be used by the Nigam, whichever is earlier :
Provided further that if in any year it is not practicable fully to comply with the provisions of this section, the amount by which the sums, actually credited falls short of the amount required under this section in respect o.f that year, shall be. carried forward and together with simple interest thereon at the Reserve Bank rate ruling at the beginning of that year, shall be credited to the, said reserve as SOO11( as it is found possible so to do :
Provided also that the accumulations, in the depreciation reserve may be invested in the business of the Nigam or utilised for repayment: of the principal of any loan raised.
under sub-section (1) of section 20 or for repayment of sums paid by the State Governmen under sub-section (2) of the said section.
30, (1) The Nigam shall furnish to the Slate Government, from time to time' such returns as the State Government may, require.
(2) The Nigam shall, in respect of each year, furnish to the State Government, witbi).n a period of three months from the date on which the annual accounts of the Nigam ~'e closed, a copy of 'the balance sheet as on the close of that year together with a profit and 10s81account for the year and a report 011 the working of thq Nigam including its policy and programme during the year. , .
(3) The State Govesnment shall, as soon as may be after the receipt of such report cause such report and the audit report received under section 28 to be laid on the table of Legislative Assembly.
CHAPTER VIII-MISCELLANEOUS r(,.
Power 01 State 31. (1) In the discharge of its. functions under this Act, the Nigam shall be gui.
Government to b h directi . . f li . lvi bli' t t th St t G tgive direc- Y sue ecuons in matters 0 po cy invo ving pu C ill eres as e a e overnmen tlons, may give to it in wribing and if any question arises whether, the direction: relates to a matter of policy involving public interest, the decision of the State Government thereon shall be final.
Transfer of Government employee to the Nigam.
(2) Where the Nigam incurs any loss directly in consequence of carrying out the directions of the State Governmenn under sub-section (1) the same shall be made goo' ..1y the Stale Government.