Chapter VI ACCOUNTS AND AUDIT

(1) The balance sheet and accounts including the profit and loss accounts of the Corporation shall be prepared and maintained in such form and manner as may be prescribed. (2) The Board shall cause the books and accounts of the Corporation to be balanced and closed on the thirty-first day of March each year.

(1) The accounts of the Corporation shall be audited once in every financial year, by auditors duly qualified to act as auditors under sub-section (1) of section 226 of the Companies Act, 1956 (1 of 1956), who shall be appointed by the Board and shall receive such remuneration from the Corporation as the Board may fix. (2) The auditors shall be supplied with a copy of the annual balance-sheet and the profit and loss account of the Corporation and it shall be their duty to examine them together with the accounts and vouchers relating thereto, and they shall have a list delivered to them of all books kept by the Corporation and shall at all reasonable times have access to the books, accounts and other documents of the Corporation and may require from any director or officer of the Corporation such information as the auditors may think necessary for the performance of their duties as auditors. (3) The auditors shall make a report to the Corporation upon the annual balance-sheet and accounts examined by them and in every such report they shall state whether, in their opinion, the balance sheet is a full and fair balance-sheet containing all necessary particulars and properly drawn up so as to exhibit a true and fair view of the State of affairs of the Corporation. (4) The Corporation shall furnish to the State Government within four months from the date on which its accounts are closed and balanced, a copy of its balance-sheet and accounts together with a copy of the auditor's report, and a report on the working of the Corporation during the relevant year and the State Government shall lay them as soon as possible before the Legislative Assembly while it is in session for the total period of ten days which may be comprised in one session or in two or more successive sessions. (5) Without prejudice to anything contained in the preceding sub-sections, the accounts of the Corporation, as and when it is considered necessary and expedient to do so in public interest, may also be audited by an agency specifically authorised in this behalf by the State Government, from time to time and any expenditure incurred by it in connection with such examination and report shall be payable by the Corporation to such agency.