(1) The Board may, suo-motu or upon information received by it, cause an inspection to be made of the books of account or other books and papers of any company or an investigation to be made in respect of the conduct and affairs of any person associated with the process of sweat equity, by appointing an officer of the Board 1[not below the rank of Assistant General Manager for the purpose of conducting inspection and not below the rank of Division Chief for the purpose of conducting an investigation]:
Provided that no such inspection or investigation shall be made except for the purpose specified in sub-regulation (2).
2) The purpose referred to in sub-regulation (1) are the following, namely:-
(a) to ascertain whether there are any circumstances which would render any person guilty of having contravened any of these regulations or any directions issued thereunder;
(b) to investigate into any complaint of any contravention of the regulation, received from any investor, or any other person;
3) An order passed under the sub regulation (1) shall be sufficient authority for Inspecting or Investigating Officer to undertake the inspection or investigation as the case may be and on production of an authenticated copy of the order, the person concerned shall be bound to carry out the duty imposed in Regulation 18.
Duty to produce records etc.