Submission of Programme or activities and financial estimate.

(1) The Nigam shall, in respect of every year submit to the State Government, a statement of programme of its activities together with annual financial statement showing therein in detail the estimated receipt and expenditure of the Nigam for the year. (2) The Nigam may, with the prior approval of the State Government revise or modify the statement and estimate referred to in sub-section (1). (3) The Nigam shall submit each year to the State Government the programme of work and details of the project for different activities which are to be executed during the next year. (4) The State Government may, either approve the projects or may approve it with such modifications as it may consider necessary or may return it to the Nigam to modify the same or to prepare a fresh project in accordance with such directions as the State Government may deem appropriate.