(1) The Corporation shall, by such date in each year as may be prescribed, prepare and submit to the State Government for approval an annual financial statement and programme of work for the succeeding financial year.
(2) The annual financial statement shall show the estimated receipts and expenditure during the succeeding financial year in such form and detail as may be prescribed.
(3) (a) The State Government shall, within one month of the receipt of the annual financial statement, either accord its approval to the same or return it to the Corporation with such comments and suggestions as it deems necessary.
(b) If the financial statement is returned, the Corporation shall, within one month of receiving it from the State Government,—
(i) revise the financial statement in the light of the comments and suggestions made by the State Government and re-submit the same so revised to the State Government, or
(ii) if it dose not think fit to revise the financial statement, re-submit it in its original form to the State Government together with its replies on the comments and suggestions made by the State Government.
(c) If the State Government does not approve of the financial statement as revised by the Corporation or if the financial statements is re-submitted by the Corporation without revision, the State Government may, within one month from the date of re-submission thereof, amend the financial statement as it considers fit and proper and forward the same so amended to the Corporation, and it shall be accepted by the Corporation.
(4) The Corporation shall be competent to make variations in the programme of work in the course of the year, provided that all such variations and reappropriations out of the sanctioned budget are brought to the notice of the State Government by a supplementary financial statement.
(5) A copy of each of the annual financial statements as made final under sub-section (3) and the programme of work and the supplementary financial statement, if any, shall be placed before the Legislative Assembly, as soon as may be, after their receipt by the State Government.
Expenditure from funds.
Budget and programme of work.
118 The West Bengal Industrial Infra-structure Development Corporation Act, 1974.
XXV of 1974.]
(Chapter IV.—Finance, Accounts and Audit—Sections 25, 26.)
25. (I) The Corporation shall maintain books of accounts and other books in relation to its business and transactions, in such form and in such manner, as may be prescribed.
(2) The Accounts of the Corporation shall be audited by an auditor duly qualified to act as an auditor under sub-section (1) of I of 1956.
section 226 of the Companies Act, 1956, to be appointed by the State Government in consulation with the Comptroller and Auditor General of India.
(3) The Corporation shall supply its auditor with a list of all books of accounts and other books maintained by it and the auditor shall, at all reasonable times, have access to the books, accounts, vouchers and other documents of the Corporation.
(4) The auditor may, in relation to the accounts of the Corporation of which he is the auditor, examine any member or any officer or employee of the Corporation, and shall be entitled to require from any officer of the Corporation such information or explanation, as he may think necessary, for the performance of his duties.
(5) The auditor shall make a report to the Corporation upon the accounts examined by him, and in every such report he shall state,—
(a) in the case of books of accounts and other books maintained by the Corporation, whether in his opinion the accounts exhibit a true and fair view of the state of affairs of the Corporation at the end of the year, and
(b) in case he had called for an explanation or information from the Corporation, whether it has been given and whether it is satisfactory.
(6) As soon as the accounts of the Corporation are audited, the Corporation shall send a copy thereof together with the copy of the report of the auditor thereon to the State Government.
(7) The State Government shall cause the accounts of the Corporation, together with the audit report thereon forwarded to it under sub-section (6), to be laid annually before the Legislative Assembly.