(1) The Commission shall, within two months from the date of notification Commission, mentioned in sub-section (1) of section 13 assess on the basis of book value of the assets which are in physical existence on the appointed day, the amount payable to the. owner and submit his recommendation to Government specifying the amount payable to the owner.
(2) The Commission shall have powers to call for all books of account, registers and other documents relevant for the purpose of assessment of value of assets from persons who are supposed to be in possession of the same on the appointed day.
(3) In case, books of account, registers and other documents are not available to the Commission within the time limit prescribed by him in this behalf, it shall be open to him to collect relevant information, as far as possible, from other sources for the purpose of assessment of value of assets.
(4) The Commission shall have the right to make physical verification of assets on the spot and for this purpose, he shall have the power to enter into the premises of the textile undertaking.
Explanation:- For the purpose of this section physical existence of assets shall mean the physical existence of assets available within the premises of the textile undertaking.
(5) The Commission shall have the power to regulate his own procedure in all matters arising out of he discharge of his functions including the place or places at which he will hold his sittings and shall, for the purpose of making any investigation under this Act, have the same powers as are vested, in, a Civil Court while trying a suit under the Code of Civil Procedure, 1908 in respect of the following matters, namely:"
(a) the summoning and enforcing the attendance of any person from any part of India and examining him on oath;
(b) requiting the discovery and production of any document or other material object, produce able as evidence;
(c) receiving evidence on affidavits;
(d) the issuing of any commission for the examination of witnesses or documents; and
(e) requisitioning any public record or copy thereof from any court or office.
Duties and powers of the Commission 5 of 1947 7
CHAPTER VI COMMISSIONER OF PAYMENTS