Page 103 - DCOM404_CORPORATE_LEGAL_FRAMEWORK

Corporate Legal Framework

Notes Constitution of Fund

Sec.51 provides as follows:
1. There shall be constituted a fund to be called the “Competition Fund” and there shall be
credited thereto:
(a) all Government grants received by the Commission;
(b) the monies received as costs from parties to proceedings before the Commission;

(c) the fees received under this Act;
(d) the interest accrued on the amounts referred to in clauses (a) to (c).
2. The Fund shall be applied for meeting (a) the salaries and allowances payable to the
Chairperson and other Members and the administrative expenses including the salaries,
allowances and pension payable to the Director General, Additional, Joint, Deputy

or Assistant Directors General, the Registrar and officers and other employees of the
Commission; (b) the other expenses of the Commission in connection with the discharge of
its functions and for the purposes of this Act.
3. The Fund shall be administered by a committee of such Members of the Commission as
may be determined by the Chairperson. The committee (3) shall spend monies out of the
Fund for carrying out the objects for which the Fund has been constituted.
Accounts and Audit

Sec.52 provides that the Commission shall maintain proper accounts and other relevant records
and prepare an annual statement of accounts in such form as may be prescribed by the Central
Government in consultation with the Comptroller and Auditor-General of India. The accounts
of the Commission shall be audited by the Comptroller and Auditor-General of India at such
intervals as may be specified by him and any expenditure incurred in connection with such audit

shall be payable by the Commission to the Comptroller and Auditor-General of India.
The Comptroller and Auditor-General of India and any other person appointed by him in
connection with the audit of the accounts of the Commission shall have the same rights, privileges
and authority in connection with such audit as the Comptroller and Auditor-General of India
generally has, in connection with the audit of the Government accounts and, in particular, shall
have the right to demand the production of books, accounts, connected vouchers and other
documents and papers and to inspect any of the offices of the Commission. The accounts of

the Commission as certified by the Comptroller and Auditor-General of India or any other
person appointed by him in this behalf together with the audit report thereon shall be forwarded
annually to the Central Government and that Government shall cause the same to be laid before
each House of Parliament.

Task Suggest how you will rectify the orders.

98 LOVELY PROFESSIONAL UNIVERSITY