(1)The Central Government or the Government company, as the case may be, shallcause the books in relation to each coking coal mine or coke oven plant, themanagement of which has vested in it under the Coking Coal Mines (EmergencyProvisions) Act, 1971, to be closed and balanced as on the 30th day of April,1972, and shall cause a statement of accounts, as on that day, to be prepared,within such time, in such form and in such manner as may be prescribed, inrelation to each such mine or plant in respect of the transactions effected byit during the period for which the management of such coking coal mine or cokeoven plant remained vested in it:
Providedthat where two or more coking coal mines or coke oven plants were owned, beforethe commencement of this Act, by the same owner, a consolidated statement ofaccounts may be prepared for all the coking coal mines or coke oven plantspawned by such owner.
(2)All amounts received by the Central Government or the Government company afterthe closure of such accounts shall, where such amounts relate to transactionseffected before the appointed day, be included in the said statement of accountsin respect of the coking coal mine or coke oven plant to which the said receiptrelates.
(3)The Central Government or the Government company in which the right, title andinterest of the coking coal mine or coke oven plant stands vested shall beentitled to receive, up to the specified date, to the exclusion of all otherpersons, any money, due to the coking coal mine or coke oven plant, as the casemay be, realised after appointed day notwithstanding that the realisationspertain to a period prior to the appointed day:
Providedthat where such realisations have not been included in the statement of accountsas on the 30th day of April, 1972, a supplementary statement of accounts shallbe prepared and furnished, at such intervals as may be prescribed, by theCentral Government or the Government company to the owner of the coking coalmine or the coke oven plant, as the case may be.
1 [(4)The liabilities of the coking coal mine or the coke oven plant (not beingliabilities arising out of advances made by the Central Government or theGovernment company), which could not be discharged by the appointed day, may bedischarged by the Central Government or the Government company up to thespecified date out of the realisations effected before or after the appointedday or out of advances or borrowings made up to the specified date and everypayment so made shall be included in the statement of accounts as on the dateimmediately before the appointed day indicating therein the period in relationto which the payments were made and the payments so made shall not be called inquestion in any court:
Providedthat the liabilities in relation to the period prior to the appointed day, whichhave not been discharged on or before the specified date, shall be theliabilities of the owner of the coking coal mine or the coke oven plant, as thecase may be.]
(5)A copy of each statement of accounts prepared under this section shall bedelivered by the Central Government or the Government company, as the case maybe, to the Commissioner and also the owner:
Providedthat where the number of owners is more than one, only one copy of the statementof accounts shall be given to the owners for the benefit of all of them.
(6)The statement of accounts prepared under the section shall be audited by aperson who is qualified to be appointed as an auditor of a company under Section226 of the Companies Act, 1956, and the auditor so appointed shall receive, fromthe funds of the coking coal mine or coke oven plant, as the case may be suchremuneration as the Central Government may fix.
(7)The audit of the statement of accounts shall be conducted in the manner as theCentral Government may direct.
2 [(8)The statement of accounts audited under sub-section (6) shall, unless thecontrary is provided, be conclusive proof in respect of every matter enteredtherein.
Explanation.--For the purposes of this section,"statement of accounts" means a statement in the form of receipts andpayments, and does not include any statement that may be prepared as a result ofthe closing and balancing of the books for the preparation of the profit andloss account and balance-sheet or any statement prepared in accordance with thenormal commercial practice.]
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1.Substituted for sub-sec. (4) bythe Coal Mines Nationalisation Laws (Amdt.) Act (57 of 1986), S. 8 (w.r.e.f.1-5-1972).
2.Inserted by the Coal Mines Nationalisation Laws (Amdt.) Act (57 of 1986), S.8 (w.r.e.f. 1-5-1972).