Inventory of assets and information in regard to documents maintained by the licensee.

(1) Every licensee shall, within three months from the date on which an order under sub-section (1) of section 4 is served on him, or such further time as may be allowed by the State Government, prepare and hand over to them a complete inventory of all the assets belonging to his undertaking and of its documents.

(2) The licensee shall also write up the accounts of his undertaking up to the vesting date, get them audited, and submit them to the State Government within three months from that date or such further time as may be granted by the State Government.

(3) The licensee shall also, within such time as may be specified by the State Government, furnish to them such information and particulars as may be required by the State Government in regard to the documents relating to the undertaking.

(4) The licensee shall not destroy any document relating to the undertaking and shall hand over to the State Government on the vesting date all such documents as are necessary for ascertaining the assets of the undertaking, the rights, liabilities and obligations, attaching thereto or the terms of employment of the staff and for determining the compensation payable for the undertaking under this Act.

(5) Where the documents aforesaid have been taken possession of by the State Government, the license or any person authorised in this behalf, shall have access to such documents at all reasonable times and shall also be entitled to take copies thereof or extracts therefrom.