State Act

The West Bengal Industrial Infra-structure Development Corporation Act, 1974

24. (1) The Corporation shall, by such date in each year as may be prescribed, prepare and submit to the State Government for approval an annual financial statement and programme of work for the succeeding financial year. (2) The annual financial statement shall show the estimated receipts and expenditure during the succeeding financial year in such form and detail as may be prescribed. (3) (a) The State Government shall, within one month of the receipt of the annual financial statement, either accord its approval to the same or return it to the Corporation with such comments and suggestions as it deems necessary. (b) If the financial statement is returned, the Corporation shall, within one month of receiving it from the State Government,— (i) revise the financial statement in the light of the comments and suggestions made by the State Government and re-submit the same so revised to the State Government, or (ii) if it dose not think fit to revise the financial statement, re-submit it in its original form to the State Government together with its replies on the comments and suggestions made by the State Government. (c) If the State Government does not approve of the financial statement as revised by the Corporation or if the financial statements is re-submitted by the Corporation without revision, the State Government may, within one month from the date of re-submission thereof, amend the financial statement as it considers fit and proper and forward the same so amended to the Corporation, and it shall be accepted by the Corporation. (4) The Corporation shall be competent to make variations in the programme of work in the course of the year, provided that all such variations and reappropriations out of the sanctioned budget are brought to the notice of the State Government by a supplementary financial statement. (5) A copy of each of the annual financial statements as made final under sub-section (3) and the programme of work and the supplementary financial statement, if any, shall be placed before the Legislative Assembly, as soon as may be, after their receipt by the State Government.