Finances of licensees

Infrastructure199763 sections14 chapters

Part VIII TARIFFS

Statutory text

(1) The State Government may, with the approval of the State Legislature, from time to time make subventions to any licensee for the purpose of this Act or the Electricity (Supply) Act, 1948 for such amounts as may be recommended by the Commission and on such terms and conditions as the State Government may determine.
(2) The State Government may from time to time advance loans to any licensee or Generating Company which for the time being is wholly or partly owned by the State Government on such terms and conditions, not inconsistent with the provisions of this Act or the Electricity (Supply) Act, 1948, as the State Government may determine.
(3) The State Government may guarantee in such manner as it thinks fit the repayment of the principal or the payment of interest (or both) on any loan proposed to be raised by any licensee or Generating Company which is for the time being wholly or partly owned by the State Government or the discharge of any other financial obligation of any licensee or Generating Company: Provided that the State Government shall, so long as such guarantees are in force, lay before the State Legislature during the budget session in every year a statement of the guarantees, if any, given during the current financial year of the State and an up-to-date account of the total sums, if any, which have been paid out of State revenues in each case by reason of any such guarantees or paid into State revenues towards repayment of any money so paid out.

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