Presumptions about Accuracy of Balance Sheet and Profit & Loss A/C are given below:
The authority dealing with investigation and settlement of industrial disputes of the kind referred to in Sec. 22, may presume that the statements and particulars in the Balance Sheet and the Profit and Loss Account of a company or a corporation (other than a Banking Company) are accurate, provided the balance sheet and the profit and loss account of the company are duly audited by the Comptroller and Auditor General of India or by a qualified auditor under the Companies Act 1956.
ADVERTISEMENTS:
In such a case, the corporation or the company need not prove their accuracy by filing an affidavit or by any other mode.
The authority who can presume accuracy is any arbitrator or a tribunal under the industrial disputes Act 1947‘or under any corresponding law relating to investigation and settlement of industrial dispute in force in a state to which any dispute between an employer and his employees with respect to bonus payable under the Act or with respect to the applicability of the Act to an establishment in the public sector is referred.
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Where the authority is satisfied that the statements and particulars contained in the balance sheet and the profit and loss account of the corporation or the companies are not account, it may take necessary steps to find out the accuracy of such statements or particulars.
The authority, on an application made by any trade union being a party to the dispute or where there is no trade union by the employees’ party to the dispute, may require any clarification relating to any item in the Balance Sheet or the Profit and Loss Account from the Employer Corporation or company.
ADVERTISEMENTS:
If the authority is satisfied that such clarification is necessary, it may, by order direct the employer corporation or company to furnish to the trade union or the employees such classification within such time as may be specified in the direction. The corporation or the company shall comply with the direction.