Accounts and audit

(1) The Corporation shall maintain books of account and other books in relation to its business and transaction in such form, and in such manner, as may be prescribed. (2) The accounts of the Corporation shall be audited by an auditor appointed by the State Government, in the prescribed manner. (3) As soon as the accounts of the Corporation are audited the Corporation shall send a copy thereof with a copy of the report of the auditor thereon to the State Government. (4) The State Government shall cause the accounts of the Corporation together with the audit report thereon forwarded to it under sub-section (3) to be laid annually before the Legislative Assembly. Any applicant affected by the decision of the Corporation or its refusal, shall approach the Grievance Redressal Authority appointed by the Board of Directors of the Corporation. In an event the Grievance Redressal Authority is satisfied that the grievance is genuine, he may recommend a remedial measure to the Board of the Corporation for a final decision. The decision of the Board of the Corporation shall be final and binding. Pending such appointment the Managing Director of the Corporation shall be the Grievance Redressal Authority.